That's before considering capex/maint, vacancy (almost guaranteed when buying a vacant home), or any even improvements needed to get it rent ready.

STR a suboptimal option in this market due to restrictive ordinances.Purchase price: $1,260,000 with 11% down @6.75% fixed 30 yrTotal Rehab costs (labor + materials) thus far: -$70,390Cashflow to date (NOT including Rehab Costs above): -$60,237Projected Cashflow: 3.1% with 3 LTR tenants Wanted the group’s expertise on options as I am considering parting ways with this property given the number of leaks that have come up in this relatively young property.1) In 2025, 1031 into another (potentially more units) multifamily at least 20 years old.2) Investigate leaks/Stabilize and proceed with original plan as LTR and accept uncertainty related to potential future leaks.3) Proceed as MTR (hospitals and NYC nearby) so that can intervene on issues during vacancy periods.

We took over the management and built relationships with the various agencies and have been leasing the units more regularly with 2 vacancies remaining.

The average vacancy rate in Austin is hovering around 15%.

When issues come up, and eventually they will, such as vacancies or unexpected maintenance issues, this is where we've earned our reputation.  

And that's even using the high rent estimate, a low vacancy rate (8% would be more realistic), and a very low property management expense (10% of rents is pretty standard), just for starters.If you personally were going to live in this property, it would likely be a slam-dunk...... but, as an investment, it's a money-loser!

I personally have never done it, so I'm not saying it can't be done, but may have to vacancy issues.  

Vacancy expenses when attempting to market your property above the average rent rateAlright.

High demand in those locations pushes rents and prices consistently higher year over year, access to commuting and metro reduces vacancy, much more demand for room rentals south of 200. 

Have you found that capex, vacancy and repair rates to be normal (10/10/8 percent) or are they higher in the area ?