By sprucing up the updates needed first thatll be your best bet to demand a higher daily ADR and more revenue if your trying to increase performance on a budget. 

A loan option you could look into that will potentially preapprove you for more is a DSCR (Debt service coverage ratio) loan, which is based on the rental income of the investment property you are looking to purchase, instead of based on your personal income for a conventional loan.

Not trying to be mean but you should have found out the regs before looking for a place not when your about to close on a property.Now I would call the county and find out what the requirements are and see if you can even make this a STR.Also 5k seems way too low to properly furnish a house.I think 20k would be more realistic even if you bargain shop.I bet I would need 30k to replace everything in my 3 bedroom STR.

Additionally, thorough due diligence on potential replacement properties and their income potential would be crucial to optimize the 1031 exchange strategy.

From crafting compelling listing descriptions to leveraging social media platforms effectively, attendees learned how to attract more guests and increase bookings.Revenue Management: Maximizing revenue is crucial for STR success, and attendees gained valuable tips and techniques for optimizing their pricing strategies, such as implementing StayFi to build valuable email lists of potential repeat guests.

It actually held up the potential purchase being owner/occupied.  

Utilizing a combination of these tools can give you a well-rounded view of the potential costs involved in building a house from scratch. 

Will go one step further that Real Estate unlike the stock market, crytpo, etc was not nearly as volatile and actually was a pretty safe bet as it always has been.

There is a huge difference in value.Also, your valuation of the value of the structure based on potential rent does not account for the value of land, which you are not providing. 

I am also potentially looking to expand into managing mid-term and short-term rentals.