My short answer to you is, I would expect about a 50% occupancy rate and probably not more than $200/night ADR (average daily rate) depending on the size, quality and location of your STR. 

My investing strategy is roughly:- Acquire single family homes in the 75 -125k range for 20% down (possibly even using something like Roofstock)- Renovate/update as necessary- Get quality contractors and PMs to mostly run things- Investing will be buy and hold for cash flow. 

The biggest problem with low-income rentals isn't necessarily the tenants, it's the ineptitude of the landlord in screening and effectively communicating with the tenant base. 

.- Having roots in the community, normally having lived in that neighborhood for several years, or in this case being close to her parents adds screening points.

It assures a quality experience for both the guest and us.We are at about 80/20 in favor of HomeAway/VRBO.

For example, many aspects people look for are tenant screening, rental applications, marketing and a bunch of other options. 

@Derek Askew Great question — you may want to look into a service that offers a nice portfolio of tools to make managing your own rental super easy (that includes tools to list your unit, screen tenants, create digital leases, collect rent online and manage maintenance requests).

If the masonry is too ugly, then paint the brick with the correct preparation and quality paint.

And do we get to place new tenants (after screening) or your properties always come with existing tenants?

I'll include a screen shot of all the number crunching but this is what we are working with.