This will at least serve as a bump and if I can help any other way please let me know.   

The key items to understand are:- zoning and lot requirements, to determine how many lots you can develop at required lot size. 

I am seeing the size of the projects has changed to three story Condos on Nebraska Ave. and 30 story Towers from downtown running on the Bayshore.

Everyone has a different goals and investment criteria, so this is not a one size fit all kind of situation.I will suggest that you clearly define what you what and do some research then go from there.

If you increase it a lot, you risk a vacancy-and in this case to up the rent you'd also have to do renos.You are also missing info on the size of the units (beds, baths).

So I have a nice new property in sight for STR. 10 min from world class beaches in Florida, good golfing around etc. property is a good size so has potential to add great pool, Rec area etc.

X for kitchen, Y for a bath and add ons like roof, A/C etc which are easier to close in on as far as value.That being said, you could refine "Kitchen" with  small Kitchen rehab 10K, mid size 15k etc  (making numbers up). 

In the mean time we served the tenant a demand for rent and the eviction notice.

Depending on the size of each unit, it may be better to rent it out as a unit.

there's definitely still lots of opportunity in Louisville, and a lot happening in the city. what size multi are you looking for?