Right now we pay our cleaner $300 per turn but charge guests $250.The costs of having a STR about an hour outside of town.

It cost us $3,000 to demo the shower and retile it.

Depending on location they can cost a lot to replace but when you factor in what you save from paying sewer bills it’s cheaper in long run.It would not stop me from buying a house

I'm pretty sure that the cost to get this done is not cheap!

Andrew, Thanks for sharing your slide and all the great links/ resources within it.  

I found them to be totally useless and thankfully I had to have the card linked with billing replaced after I lost my wallet.

Shawn - I would suggest you develop a pro forma based on the stabilized state of the property to understand if it cash flows once all units are occupied being sure to include all reasonable revenue assumptions (rents, vacancy factor, etc..) as well as expenses (debt payments, maintenance, utilities, property management, taxes, insurance, turnover costs, etc..)

Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620, many blemishes, but should have no evictions in last 2 years.

My goal is to be resourceful and start with a cost-effective option, scaling up as needed.

First, determine what your lender offers in terms of Loan-to-Cost (LTC) for acquisitions and the maximum Loan-to-Value (LTV) for a seasoned cash-out refinance.