Not a ton of value-add opportunity, more of a core+ investment in a very small market I'm familiar with - my initial analysis is yielding a 14% IRR & 1.28 EM, so I'm not sure of the attractiveness to investors.

It’s an interesting opportunity if it aligns with your overall plans.

Quote from @Sean Barnebey: This is an interesting opportunity, and it sounds like you’re approaching it wisely by considering the numbers carefully.

Those are like 1 in 10000 opportunities. 

I’m looking to connect with those of you who are actively using or interested in the BRRR (Buy, Rehab, Rent, Refinance, Repeat) strategy to scale your rental portfolios.Whether you’re new to BRRR or a seasoned investor, I’m here to discuss best practices, potential local opportunities, and ways we can collaborate to make your investments efficient and profitable.

I recommend you call a local agent or broker to give you a better lay of the land so you understand the challenges/opportunities in this area.

There's obviously opportunity here to build this out and turn it into a basement apartment, which I think would cash flow because of course there's no mortgage. 

The discipline to run on a budget for a number of years or decades depending on your math, doesn't factor in emergencies or market changes where the HELOC could be used to invest in other places.

To me the value in diversification is that it helps nudge you to look for other opportunities and revenue streams where you might otherwise just be content to stay in your lane and then you'd never find anything new. 

If I accept the suggested pricing opportunities it could drop my rates by $100 / night in some cases.