On my spreadsheets I’ve always deducted 8% (sell costs)  from the actual equity on my properties but I haven’t thought about all the grainy details until now!

The only issue is that they're usually clumped together, meaning a lot of small time landlords dictate how the neighborhood develops, and naturally most renters are not going to do extra maintenance for someone else's property.

Note 1) I did not state that you indicated LTR with high LTV 2) in the absence of details some readers may imply/assume this.  

Then they will possibly have you speak with the building and engineering/public works departments to get into the details. 

Many I've talked to avoid them because it takes a lot of extra work for no extra pay.

In the end, it was the extra $$ that made this all worthwhile. - your tenant may never have rented before (or it's been a while).

This article from ADP goes into slightly more detail: https://www.adp.com/resources/articles-and-insights/articles....

We've already selected a design for the quadplex and acquired a detailed cost estimate for the build, which we project to be around $1.2 million.

What do you consider are some things worth spending time on while managing STRs and what do you consider unnecessary details?

I will get into details as to who is on my loan phone call list and who I ended up doing business with as soon as I close and I hope it will help the next person going through what I did.