Plus you'll most likely make more money in home value growth compared to a multi family. 

Even at a high cap rate you've got several million dollars of market value here, so I'm curious about your base numbers.

The tax advantages of buying/holding gas stations are pretty great.Many of the components of gas stations including pumps, tanks, external parking areas, and other equipment are classified as either 5 or 15 year property so you can bonus depreciate a lot of it (minus the land value) and get significant deductions in year 1.With the 2025 bonus depreciation rate at 40%, a $1 million gas station acquisition could still lead to $100K+ in year 1 deductions depending on the specifics of your deal.

Lots of folks are pulling out cash based on the appraised value for their next projects and holding for a few years to benefit from appreciation. 

A property doesnt increase in value just because an STR is run successfully on it. its value on paper is based on the comparables in the area.

I wasn’t looking to add value or find something off-market because the time and effort just didn’t seem worth it compared to focusing on my career.

Loan to value ratio: The higher the loan to value ratio (LTV) is, pricing takes a hit.

He would like to sell it and buy 3 more properties of similar value with 20% down loans.

First, all properties that appreciate the appreciation is based on the property value, not the equity. 

I'm seeing the same, Thanks One thing I know about our hispanic work force on the left coast they are not stupid they know the value of their sub trades your not going to get some massive discount from them..