Although no major renovations were needed, our strategic approach and rapid transaction management significantly increased the property's market value.

Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620, many blemishes, but should have no evictions in last 2 years.

Although no major renovations were needed, our strategic approach and rapid transaction management significantly increased the property's market value.

My credit union does 95%LTV with no closing costs and desktop appraisals.

The water bills are a big cost to me.

You’re wondering if you increase your chances of getting audited because you’re qualifying for the short term rental loophole.

It also is worth approximately $140k more than my property is currently worth.My question: when evaluating renovations, is the math as simple as (Additional rent expected per month due to renovation * 12 months/yr)/total cost of renovation = ROI.

Age of construction may not be a huge issue if it has good bones and can benefit from a fairly cost efficient "In & Out" remodel.What is stopping you down payment?

If you're going to flip, it could work, but you would need to analyze the properly for that approach -- which would included getting detailed and accurate estimate on repair costs. 

With two properties it makes sense to have two LLCs because it should not increase your accounting / admin costs significantly (check with an accountant) but if you had 50 properties, that is another story.