If there's room to increase rents you'll be very close.

This can be effectively addressed by strategically placing the mini-split units in locations where they can facilitate airflow into adjacent spaces, and by implementing simple modifications like undercutting doors to promote air circulation.

Paying about 200 to 300 a month to essentially just "have it" and let it appreciate and see what happens.my short term goal is to increase savings cash assets and equity in next 5 years so i can buy a couple of investment properties that provide extra monthly income while increasing in value.

I fear investors can become fixated on market cap rates but there are so many factors that go into both high and low ends of the spectrum.High cap rates can generally yield better cash flow opportunities considering you are purchasing at a low price to NOI ratio but may be an indicator of a dwindling market considering valuations are staunched.Lower cap rates can generally yield better appreciation considering a small NOI increase can shoot values up further than that same increase in a high cap rate market. 

The limit is set well below the current number of STRs so in the high season occupancy is closet to 100 PCT and it's one of the areas that ADR is the same or increasing.  

By building two, we've increased the gross monthly revenue by $3200.

Some super simple math: -- Buy a $550k 4br/2ba home in a middle suburb like Westminster (just northwest of Denver)-- With 10% down, your monthly is maybe $3500.-- You live in one bedroom, rent the other three at $800/mo.

Her response was something along the lines of wait until mortgage rates are in the 5%'s and home valuations could increase by as much as 10%..When/if that happens, her argument is that sellers will be willing to relinquish their 2-3-4% rates causing inventory to increase and buyers will flood the market. 

Start simple.

I'd love to dig in so I can see where things went wrong as it's almost always something simple, or backlinks weren't built properly.