Let's say 12 apartments, 1 hot water system providing heat for the common areas and each individual apartment.

In California, I don't think I've had a single person in that income "goldilocks zone" (high enough to justify a mortgage in the amount desired on a 2-4 unit, but not so high they're over the income limit -- not too cold, not too hot, juuuuust right) since they made that infamous change in July 2019. 

At least make sure you have the essentials; location, views, hot tub, nice decor.

However, if another investor brought me a personal deal, I'd likely give them 1-2%, depending how hot the lead is.  

Assume the unreduced basis of the building is about $350k (I took out the land value)*Add New Deck - $8k*Interior/Exterior paint - $3k*Dishwasher - $500*Landscaping materials - $1500*Wood/sheetrock to build walls to enclose an existing space - $500*Furniture (beds, tables, chairs etc) - $5k*Hot Tub - $5kCan we use the SHST or De Minimis or Routine Maintenance safe harbor for any of this? 

Generally it's 10 days but in this market, it's so hot that many buyers are waiving the inspection period which basically means the earnest money you put down is immediately "hard" and you would have to forfeit it if you walk.

There are a lot of STR opportunities and if you play your cards right and land a decent purchase that ca cash flow its a wise investment.The flip side if is for some the reason your location is not as hot on the STR find a long term renter and cash flow with a longer lease.

Should I take that data to mean that I could probably do just as well operating an STR here as I could in a vacation hot spot?

@Max Householder, I appreciate the shout out!

Yea, seems very competitive so was hoping someone on here found some luck recently though and was able to offer some advice in this hot market.