There are many desirable neighborhoods that offer a good ROI - I would be happy to share more with you.

Hi Caleb,Have considered making an offer on the "trashy" house? 

Check with your utility company see if they offer incentives.

The main items in our renovation are:New water main from curb and valveNew electric service and panelAdd bathroom + convert to full bathLVP in 70% of the houseInterior PaintingAdditional bedrooms in basementKitchenette in basementEgress(x2) in basementOur scope of work should create a great living space for us to grow into, but also provide a rental unit that competes (or even exceeds) the area offerings for medium term rentals.

These offer lower upfront costs and less active management compared to some other strategies.Base your decisions with your learning curve, start with simpler approaches to gain experience and knowledge before venturing into more complex strategies.

The contractors said no partial repair is offered, everything has to be redone.

Did you know that the tax code offers many incentives for real estate property owners that have a cost segregation study performed, thus allocating costs to 1245 property?

Try this device to measure the noise: https://www.amazon.com/Indicator-30-130dBA-Detector-Temperat...You can also stick the same device by windows and doors to see if temperature drop - which would indicate an insulation issue.In addition to getting an Energy Audit, you may also want to look into any state, local or utility programs that offer discounted or financed energy improvement programs.

I should preface my response with saying that I have never done this but can offer my opinion as food for thought at leastMy question is: What makes a "good" deal and/or how do I know when I've come across a "good" deal?

To Clarify, When you pay off your principal, there is an "ascension in wealth" and this will increase your basis and offer no write-offs.