Many are buying properties, doing minimal renovations to keep their crews busy, and selling with small or zero profit margins.Cash buyers are a priority.

So monthly expenses are $2809.I'm assuming for the sake of this conversation that you charge $150 per night and are occupied 50% (15 nights a month), so your projected income should be $2250 per month.If the above numbers are accurate, you will have an operating loss of -$559 per month.

I would keep as much liquid as possible and essentially get you to 20% equity or more by renovating the property. 

You will also need to vet out contractors in the area to ensure you that they can stay on top of your project and will do what they say.

Purchase price: $45,000 Cash invested: $40,000 Renovation Overview: 1453 Southfield Dr, Columbus, OHWe've transformed 1453 Southfield Dr into a modern residence.

Here’s why:Affordability: You can find solid properties here well within your $200k–$300k budget.Cash Flow Potential: Indianapolis has a growing population, a diverse economy, and relatively low property taxes compared to some other midwestern markets like Cleveland.Investor-Friendly: Indy is landlord-friendly with strong rental demand, especially in neighborhoods near downtown, universities, and revitalized areas like Fountain Square or Irvington.If you’re open to a strategy involving light renovations, there are plenty of opportunities to add equity and boost rental income here.

Am I buying it after it's been renovated and rents have been raised?

Use AirDNA to get a better feel for what may be projected and then dive into Airbnb and compare to your competitors. 

It was a small $$$ project but time consuming because that was something I DIY'd while living in the property. 

Since this is a new construction, I projected a low capex.