You need a property that isn't easily duplicated. 

I recently bought 2 properties.

I'm looking to purchase my first property and set it up as an STR.

There is not a specific property in mind at this time, since I am just running the numbers, but if you are interested in a partnership shoot me a message. 

And now I'm wondering if I spent way too much, considering how small my business is and only one property.

Just like with multifamily buildings, the more modern and move-in-ready a property is, the less potential there is for adding value, which can limit your return on investment.I suggest looking for off-market properties.

Here’s a revised version:Hi everyone,To summarize, I’m looking to buy another property in the same zip code, and I’m considering two options:1.

Hi there, my wife and I live in California and are currently under contract on our first rental property, a duplex in Bismarck, North Dakota.

I’ve owned the property for 5 years and this is the first instance of this issue.

I would make a site visit to where they live now and see how they treat the current property.