I think you are going about it just fine.I would use several tools, airdna, awning, enemy method, local realtors/PMs to arrive at revenue projections.Think about furnishings, design, etc. 15% of purchase price/year in revenue is a good target for STRs, but all depends on your goals.as I’m sure you well know, do your due diligence over and over, but at some point you have to do the leap of it meets your threshold….no such thing as a sure thing

We overhauled the attic apartment which was not livable in its current state and have furnished the unit for traveling professionals.

The house was 3 bedrooms, 3 baths, with a separate entrance basement level suite adding another 2 bedrooms, bathroom, and additional kitchen.Short drive to 3 public golf courses, and 20 minute drive to older relatives we wanted to spend time with.The other STR I liked the most was a condo I rented for 4 months in 2009 in a high rise (17th floor) bordering the Little Italy area of downtown San Diego.The apartment was 2 bedrooms, 2 baths, furnished in mid century modern, and had a large terrace overlooking San Diego bay.

After all, if you don't care about the property and how it is furnished, why should they care about how it is maintained?

Somehow you need to explain it is a mobile appliances and you take care of the fixed appliances.Many renters expect landlord furnish all appliances and washer and driers. 

And selling well there's going to be capital gains taxes on that so factor that in unless you're doing a 1031 exchange but it's all depending on opportunity cost and what you would buy instead.I personally would lean towards a heloc on a next project (use it as a down payment and furnish another STR) and either airbnb your current property or leverage LTR with students if you just want to maintain this as an asset in your portfolio that possibly could cashflow very well with renting by the room model, you could crush it that way too but you gotta know your numbers, see how close to the school you are and what students are willing to pay in that market.

Here are some further considerations for short term rental expenses: Consider Utility Costs: Don't forget to factor in utilities like electricity, water, and internet, which guests will likely use.Furnishing Expenses: Short-term rentals often require fully furnished units.

I’d rather furnish it and clean after every tenant than have a tenant down there all the time.

Furnish Unit.

Add the cost of furnishing and that, it will be quite the investment and don't see that market being great for STR.