This would be a turn key on this end- an established property management team and is already in place, it’s recently renovated (no/very minimal repair costs anticipated) and all but 2 or 3 units are already tenanted for the next year.

@Jay Hinrichs It took us a lot longer than anticipated.

Down the road, another $20-25K to turn the garage into an efficiency unit.I went through the steps, and AIRBNB seemed to recommend starting the 3BR unit off around $70/night and anticipated about a 60% occupancy rate.Okay, so there's the basics.

We had the inspections and it came back as needing a lot more work than I anticipated, for instance water lines were PVC pipes, not copper because the handyman didn’t want to spend the money on the copper piping.

I anticipate 2-4 weeks of prep time for me to furnish and set up utilities. 

I don't anticipate the rehab being $50K so whatever I don't spend is profit. 

Only care is cash flow, and appreciation anticipation based on past data.

Leverage just multiplies gains or losses.So, I'd say, if they're good properties and you anticipate gains then consider it regardless of age.

We just simply outgrew them sooner than I anticipated.

@Lucas Carl - Yes, you are absolutely right that what we did is skirting a zoning law that never could have anticipated this type of use at the time it was conceived in the 80's.