Once you have a clear understanding of your goals, it's crucial to assess your risk tolerance and investment horizon for each one.

I strongly recommend a Phase 1 Environmental Site Assessment (also called a Phase I ESA).

Cap Rate:To assess the overall profitability of the property, calculate the cap rate.

And make sure that all items necessary for you to get the best rate possible from your carrier (like 4 point inspections, roof attachment points, pool enclosures etc) are present or available.One nasty little factor that can't be helped is that every time you buy a property for more than than last owner paid - you will have a tax bump due to re-assessment. 

As a result, many condo associations are raising dues and issuing special assessments to cover these costs.Impact and Solutions:The combination of new regulations and rising costs is creating a financial strain on many condo owners, especially those in older buildings.

It is good practice in assessing STR potential and performance by combining personal research and rental experiences (rates and dates) with at least one local reputable Property Management company rental revenue estimate. 

Purpose & Use DSCR (Debt Service Coverage Ratio): Used by lenders to assess whether a property generates enough income to cover its debt payments (principal and interest).

I would think and assess if it actually needs a new kitchen (if there are cabinets there already just old, can you paint them and put new knobs on)?

WAY overpriced, over developed, Insurance through the roof, condos are collapsing, in price, owners cant afford the assessments you want more LOL 

Insufficient reserves result in vendor bills piling up, value-add strategies running behind schedule, and returns being reduced, so it's important to have a clear picture about how well capitalized or undercapitalized a deal is so that you can truly assess the risk.