For your property to perform well, I would want it to rent for around $1800 a month to cover expenses and provide some cash flow.

Here's a bit of background:I have over ten years of experience in real estate.I've bought and sold hundreds of properties in the past two years.I have six performing rental properties and aim to expand this to 50 by the end of the year.

In the meantime, maybe look into refinancing options for the short-term rentals to access some equity, especially if they’re performing well.

They cost $800k+ though but well worth it when want investment that actually performs profitably.

If someone wants to host MTR, STR, whatever, they should start their own management company, not try to use this model where they can make additional money off of an owner if a property performs well.

Location analysis is crucial, considering demographics, retail market performance, and traffic counts.

While you shouldn’t categorize all tenants and it’s the landlords responsibility to properly screen, the tenants who reside in better situated housing and pay higher rents are more financially responsible meaning lower rate of rent loss and will generally take better care of the property which combined will result in less time allocated towards management functions if self-performed or more favorable management fee structures if 3rd party management companies are utilized (which ties back to #1, as well).

For DSCR, it's usually slightly higher than the conventional route due to it only looks how well the subject property rental performs + credit vs conventional where it requires credit, income, assets to be reviewed.

Perform a Break-Even Analysis: Determine how long it will take for the savings from the refinance to cover the prepayment penalty and any other refinancing costs.

Purchase Another Investment Property and Utilize a Cost Segregation Study:When you reinvest in a new investment property, you can perform a cost segregation study to accelerate depreciation.