If this sustains through the rest of the year, it would be the highest percentage of cash transactions in residential properties in the past 10 years.

Inventory is now very substantially above the extreme lows seen in recent years, when inventory in the Austin area fell below 1 month (very extreme imbalance between demand and supply) for a sustained period.Here are the full stats for Austin and the greater metro:Here’s a chart showing the median sales price of a single family home in the City of Austin over the past two years:The median price for a single-family home in May 2024 was down roughly 10% from May 2022, which was the most recent pricing peak in the Austin market.For some context, here’s a chart of the median sales price of a single-family home in Austin over the past 10 years:As you can see, pricing Austin is still substantially above pre-pandemic levels.

Once the renovation was complete, I helped the client with tenant acquisition and long-term rental management, turning the upgraded property into a sustainable income-generating asset.This project not only increased the property's value and rental income potential but also provided the client with a solid, long-term investment in the real estate market.

I guess the worse case scenario is converting the STR to MTR/LTR if I cannot get enough income to sustain the business.

The only big limitations that may extend your timeline will be coming up with a down payments, and coming up with the reserves required to operate in a financially safe manner, and as may be required by your lenders.

If you have an issue with the way the landlord (you) has handled things your options are therapy or GET DOWN ON YOUR KNEES and pray.Your recitation of events reflect the owner acted in a timely manner and you failed to report the leak.

But sometimes it’s just plain old luck and good manners that can get you most deals. 

Once I found someone to be my point of contact who could finally respond in a timely and thorough manner, I was informed that part of the reason for this communication breakdown was that the person who's job it would be to stay in contact with Investors regarding leasing, had left the company, and they were actively trying to hire for that position, so they had various people trying to field communications, but no one person who's job it was. 

Wonder what is triggering it, and whether it is sustainable if it is mainly driven by STR investors and things start to saturate. 

One year means nothing, it has to be sustained.