For a nice possibly furnished STR, you are looking at between $250,000 to $350,000 depending on your budget. 

NOI well below budget.  

A nice potential boost for downtown Louisville. 

I consider that a liability,  don't want it on my balance sheet and if I were out of funds I would sit on the sidelines before entertaining that deal.

Depends on really what you are looking for:-Speed - some HMLS can go "no appraisal" so can close very quickly and beat cash offers if you are in a competitive market to buy-Interest Rates - can range anywhere from around 8% to 13% (same with "points") but not usually as huge of a concern for flippers since the terms are so short-Leverage - depending on your risk appetite / capital - this is also a top concern for some (almost always over and above rates/fees) can see anywhere from around 80% LTC to even mid 90s LTC (including 100% of rehab budget)

Narrow down your location based off of your comfortability, budget, local property owner regulations, and rent to price ratio, and you'll be building a portfolio in no time. 

Ones of the biggest was that we had to completely replace all the old electric, luckily we were able to save in other areas of our budget to offset most of the costs but not all of them.

Software: Stessa for accounting, Deal Check for quick and dirty analysis of potential purchasesMarket positioning: Pet-friendly (fenced-yard, accept dogs and cats), well-designed homes, off-street parking, suburban, full cable TV package (not streaming only)Pricing: Targeting upper-middle market (not budget-conscious guests)So far, so good (since 2020)

I ultimately obtained a variance to build 12 townhomes and 18 condos reliant on my hardship case and by agreeing to take responsibility for replacing the retaining wall in a re-designed terrace approach that stepped the wall back from the most immediate neighbors which was a rounding error once applied to the overall project budget.

One challenge was managing extensive renovations on a modestly priced home, requiring disciplined budgeting and planning.