Dropping the rents $100 a unit would still cash flow $200/door with the tenants paying utilities.Numbers at a glance:Gross Income- 22260Taxes- 2084Insurance- 1000Management- 2226Utilities- 9500NOI- 7450 assuming no vacancy or CAPEX (just to illustrate how bad the current numbers are)Debt Service- 6535 (30yr, 20% down, 5.5%)Annual Cash Flow- 915 (Actual for this year with my debt service is -4797 due to CAPEX and no vacancy).

The kitchen and bathroom could be cleaned up and sold as is.

If you plan to expand your portfolio you may decide you need a PM service. 

I have spent many years improving houses as a licensed contractor and really all you should worry about is making the place look clean and safe but let the new owners use their imagination and especialy their wallets to create the environment around the house they prefer.

However, if you have an interest-only loan during the first two years, the debt service is lower, thus the cash flow is higher and could meet or exceed 8%.

While the HOA has a strong argument using this clause against you, I think you have an equally strong argument that the spirit of that clause was to stop owners from selling products or services out of the home, not to stop STR.

I'm just not sure if the bank/servicer are obliged to bid the market price minus the Net Value cost factor (15.95%) or the balance of the loan.

And you may also be able to order it through your licensed servicer.

id=1IaAr5B1WeT...Cleanup Job (Low cost fast flip): landscape package in front remove deckremove vines from house clean exterior, fix siding and wood rot, paint neutral beige/gray color clean driveway/weed, clean retaining wall/pavement replace flooring with mid grade flooring bottom level, carpet upstairs replace interior fixtures paint interior white trim, light color beige/gray walls, popcorn ceiling removal new kitchen appliancesRehab options: Replace deck with new one (kind of awkward that high to me) vs Remove and fill in wall or add large window to master.Potential space to move laundry into upstairs bathroom closet vs basement Can maybe get away with toilet/vanity replacement in each bathroomUncertain if painting or replacing cabinets with ikea type is worth itAny in-ceiling lighting will open up codes stuff with electrical since it is out of dateRepave/fix concrete front porch and side porch - replace/paint railingReplace front walkway cement, or remove walkway and replace with right angled walk to driveway (may not provide ROI)Tear down vs paint garage port in back yardWhich do you think provides highest ROI? 

Realty Trac or foreclosures dot com all feature services that show you for 7 days properties in your area, as well as the equity in each deal.