I'm in the process right now of moving to the Little Rock/Conway area.

Just like many other areas in real estate, this segment is all about relationships (at least if you really want to rock out with it).Also, as a follow-up to @Prag Patel 's well-worded response (remember of course to talk to your own tax advisor), but be sure to avoid the mistake many new hosts make in lumping the tax in with the Airbnb rate... you won't be able to line item it out easily for your taxes.From what I see from a cursory glance: at http://www.sanantonio.gov/Finance/taxeslicensesfee...The local taxes will be 10.75%.  

After seeing the place, taking photos, and calculating the repairs that needed to be done I spoke a little more with the owner to find their motive for selling and their rock bottom price. 

It is within walking distance....you can throw a rock & hit campus buildings...it is easily rented.  100% occupancy is correct.  

It came out great, good choice on the small rock for landscaping.

What's a good low maintenance xeriscape that is somewhere between costly sod and ugly rocks?

Most of Naples has rock, and requires blasting to excavate, then crushing to make fill usable.  

Number may be closer to %30   not the %34-%39 shown at the bottom6 plex BUILDING PERMITS   (  $97,200.00  single $16,200.00 UTILITIES $0.00 $500.00 EXCAVATION $24,000.00 $4,000.00 GRAVEL $2,500.00 $416.67 CONCRETE PUMP $1,750.00 $250.00 CONCRETE $18,000.00 $3,000.00 FOUNDATION/CONCRETE-LABOR $9,000.00 $1,500.00 CONCRETE CUTTING $750.00 $125.00 SEWER CONCRETE FLAT WORK $12,000.00 $2,000.00 FRAMING LABOR $21,000.00 $4,947.00 ROOF TRUSSES $14,300.00 $1,831.67 BUILDING MATERIALS $70,000.00 $19,128.40 WINDOWS & SKYLIGHTS $8,500.00 $1,419.38 EXTERIOR DOORS $5,400.00 $1,050.00 ROOF COVER $16,800.00 $2,800.00 GAS FIREPLACE $6,000.00 SIDING LABOR $13,115.00 $2,185.00 GARAGE DOOR $4,914.00 $819.00 GUTTERS $2,400.00 $525.00 PLUMBING $30,000.00 $7,000.00 HEATING $30,000.00 $4,800.00 AIR CONDITIONING $0.00 NEST THERMOSTAT $325.00 GAS BBQ GAS DRYER ELECTRICAL $21,000.00 $4,000.00 MASONRY $3,000.00 $500.00 INSULATION $12,000.00 $2,735.00 SHEET ROCK $21,000.00 $7,100.00 SHEET ROCK GYP BOARD $750.00 INTERIOR TRIM $16,500.00 $2,500.00 TRIM LABOR $12,000.00 $2,500.00 SECURITY SYSTEM $900.00 FINISH HARDWARE $2,400.00 $350.00 UNDERLAY LABOR $1,500.00 $250.00 CABINETS $24,000.00 $4,854.40 COUNTERTOPS $11,100.00 $1,850.00 MANTLE $1,200.00 TILE $9,000.00 $1,597.80 VINYL AND FORMICA $3,000.00 $207.43 HARDWOOD FLOORS $6,600.00 $1,138.10 CARPET $13,000.00 $2,110.10 PAINTING $25,200.00 $5,359.25 WATERPROOF DECK $0.00 $0.00 KITCHEN APPLIANCES $8,400.00 $1,400.00 LIGHTS $3,000.00 $500.00 SHOWER DOOR &MIRRORS $3,000.00 $790.00 FINAL CLEANING $2,400.00 $400.00 PICK UP.

The lot is R3 zoned (up to 4-plex) in a town with rock bottom 2 bed vacancy rates.If a guy like me wants to build a side-by 4-plex here, what do I need to do?

Out of all the contractors I've used in Portsmouth, in all areas, this company just rocks.