2 bed 1 bath 600 sqft and turned it into 2 bed 2 ba with all updated floors, paint, countertops, cabinets, appliances, etc.

Doing some outside paint currently.

Not sure how much money they put in but looks like flooring, cabinets and painting.. they had this listed at 650K in September.

Needed paint, new kitchen flooring and some light electrical.

Has wood paneling that is in great shape, just need to paint 3 bedrooms and do a quick remodel to master bath.

Thanks John, the LVP that you buy, if it has the underlayment included (moisture barrier) is that enough for you and your basements or do you put a moisture barrier anyway?

Cap Rate is useless for those types of properties except as a maybe a curiosity or factoid; it is about as important as what shade of paint you used on the exterior.At 5-units and above, property value is based on income.  

I agree that 2021 demand was not sustainable, but I don't think the data paints a bleak picture of the Smoky Mtn rental market.  

Three months later I went to inspect and found the Tenant had painted rooms black!

To start you have lots of potential issues like asbestos and lead paint, old wiring and plumbing, lack of insulation and inefficient windows to name a few.