It is hard to really keep up with those kinds of trends unless I budget 10k a year in updating the property which I am not going to do.I participate in our local council/mayor meetings.

I have been on BP a long time and maybe about eight years ago , a person had a small chance of finding a posted house for sale here that can be flipped.

So, $12,000 a year off $50,000 investment was already a 24% Cash on Cash home run.

If I believe I can generate enough profit this year and navigate any potential inspections next year, I’d be comfortable moving forward—using the income earned to cover any necessary upgrades.An alternative exit strategy is to document the financial performance and sell the property as-is, highlighting its strong short-term rental income.Think through your next five moves, from best to worst-case scenarios, and make a decision that aligns with your goals. 

A good REI bookkeeper will help keep everything neat and tidy throughout the year so you can make educated decisions in your business, potentially creating more profit and less headaches.

Also, after a year, the mortgage hasn't been paid down by much, especially if it's a 30 year mortgage.The only challenge you may run into is if you purchased it using a low or no money down mortgage option like FHA or VA lending.

No problem, though—I can get close to $100K saved by the end of the year, so I’ll be in a much stronger position.My question is, is there a specific number I should be striving for that would put me in a good position to invest in real estate?

Nothing can guarantee that.Looking back over 30 years and hundreds of deals I can recall only two occasions when a greedy homeowner tried to bail on our deal. 

It's over 130 years old (1888).

The truth is you can never get it "accurate" as the actual numbers will fluctuate year to year.