This appears to be continuing into the fall.For some broader context, here’s a chart of the median sales price of a single-family home in Austin over the past 10 years:Compared to the recent median price peak in May 2022, single-family home prices in Austin are down approximately 19%.

Should there be a recession I'm estimating that I'll drop from 75-80% occupancy down to around 40-50%.

Are you getting estimates in DD to decide?

Additionally, I'm interested in understanding typical STR fees to help estimate cash flow.If anyone is willing to share their experiences or offer advice, I would greatly appreciate it.

Let’s break it down with your example and explore the financing options.Max Leverage (Using a Lender for 90% Purchase and 100% Rehab):Purchase Loan: 90% of $80,000 = $72,000Rehab Loan: 100% of $25,000 = $25,000Total Loan Amount: $97,000Your Cash Investment:Down Payment: 10% of $80,000 = $8,000Closing Costs and Fees: Estimate around 3-5% of the purchase price = $2,400 - $4,000Holding Costs: Property taxes, insurance, utilities, and interest during rehab (estimate $1,000 - $3,000)Contingency Fund: 10-15% of rehab costs = $2,500 - $3,750Total Cash Needed: $8,000 (down payment) + $2,400 - $4,000 (closing costs) + $1,000 - $3,000 (holding costs) + $2,500 - $3,750 (contingency) = $13,900 - $18,750Moderate Leverage (Using a Lender for 90% Purchase and 0% Rehab):Purchase Loan: 90% of $80,000 = $72,000Your Cash Investment:Down Payment: 10% of $80,000 = $8,000Rehab Costs: $25,000Closing Costs and Fees: Estimate around 3-5% of the purchase price = $2,400 - $4,000Holding Costs: Property taxes, insurance, utilities, and interest during rehab (estimate $1,000 - $3,000)Contingency Fund: 10-15% of rehab costs = $2,500 - $3,750Higher Equity (Using a Lender for Less than 90% Purchase):If you decide to put more equity into the deal by using less leverage, you will need more cash upfront, but your loan amount and, subsequently, your interest payments will be lower.

Pittsburgh's current population is 302,000 (US census estimates 2024) whereas in 1950 it was 676,000. 

Jeff Sitti - I would buy a performing note that produces 12% returns so he could get approximately $1,000 per month in immediate cash flow.

With over an estimated $300 billion of extremely delinquent debt yet to be liquidated to the secondary market, there is a a lot of opportunity to reposition these loans, keep folks in their homes and make a very nice profit for all involved. 

Also AirDNA is a snapshot of estimated T12. 

A major challenge for me (and, I understand, for many new investors) is estimating the price of renos needed, which of course makes it difficult to know what's a reasonable price to offer!