The number looks interesting and has many value-add elements.

But, the larger issue is this:An exit out of an asset is a synergy of 3 elements.

It’s an IOU, based on nothing more than your integrity and ability to repay.

Not only is the city government making it harder for new STRs to get permitted, they're passing regulations and zoning laws that can/will eventually strip existing STRs of their ability to operate as STRs.  

These are called the elements of value in appraisal theory.

Hi Michael, I started with single family homes and subsequently moved over to a multifamily value-add strategy given the economies of scale, Cashflow and the ability to create equity   

Awesome area with large university, new development, appreciation, right on the ocean and ability to rent places by the room.

My biggest fear is hack-a-bility, which I plan to do some research on.A few things that I like about the Schlage:1:  there is a command to erase all codes. 

You get 3 other rents, minimizing your risk in terms of the ability to pay for your mortgage.

It is important to note that the City’s new ordinance does not alter the ability of common interest communities to prohibit short-term vacation rentals through their CC&Rs or other governing documents and to enforce those prohibitions within their community.