I agree, the objective of refurnishing every three years would be to keep the condo looking fresh, new, and desirable.

I think that the reality is this house can only earn so much whether it has a freshly painted kitchen or a $50,000 kitchen.

Good luck, Dan,  In our 5 plex, which had the zone valves and each unit had own thermostat they left it on high and still opened window when they wanted "Fresh Air" huge issue for all owners. 

Make it look fresh and clean.

They're going to want a discount to buy a freshly minted note. 

It is great to hear you are bringing in fresh ideas/concepts to the West Oakland/Emeryvillle area.  

I love this site, it's a great way to keep fresh on topics and connect with other people in the field.

Steps to those early bookings.....Analyze the property correctly and find out if it's in a good market.Figured out who you want to service and tailored the home to your guest.Give the property eye catching and beautiful design.Hire a professional real estate photographer to take photos and remember that they first 5 photos of a listing draw a person in, or they move on to another listing.Give the OTA listing great marketing copy and keep the listing looking fresh. 

The exterior needs work in the parking lot, landscaping, and the siding, and maybe some fresh paint.

It's what the management team, armed with fresh capital; can execute. :)Cap Rates:The current spread between my market cap rates (call it ~5-5.50) and the risk free rate (US10yrTreasury) (~.60)) is 440-490bps which is way fatter than the average.