There has been an old picket type fence between our neighbors yard and ours, with multiple repairs done to it over the years but that is irrelevant, it still functioned and was a clear boundary marker. 

If by 2025 we still have negative spread between 10Y and cap rate we would just delaying the inevitableI'm not going to broadcast my "Secret Sauce" like a moron, but your in the neighborhood of the EPIC opportunity, just looking the wrong direction. 

In my opinion, Airbnb is trying to offer as PMS type functions as they can and be as user friendly as they can so people will ditch the PMS and OTA and only list on Airbnb. 

Is the followed locations function currently down?

.: @Kevin G.I suppose the issue is who is looking for what... and what risks are you looking to take.Nothing is wrong with you doing the GC "function" of getting the trades in and out, etc. 

How much EMD is a function of negotiation? 

There are a couple of companies that offer "Functional Replacement cost". 

You can ask your agent for referrals or ask your agent to put out an agent to agent broadcast searching for the type of contractors you need.

We had also been aware of the political environment of the city and had taken steps to protect ourself from the possibility of not being able to function as an STR.

So, to renovate an already functional space to make it more modern involves demo'ing something that has value to try to add something of more value BUT the value is limited because it is basement space.