What if you tear down to the studs, paint the exterior purple, put in a sunken kitchen koi pond - seller has no control and value is down 20% more.

So street I grew up on has been rezoned, and needless to say my childhood home is getting torn down.Like any investor, I am deeply saddened because if anyone is going to tear down my childhood home and get rich building apartments, it should be me. 

Tear it out of you can fit it into your budget.

Also, I bet 27 years of normal wear and tear does take a toll and you will need to do some work/updating.

People are willing to pay full price for "tear downs" just to live in these cities.

It'll most likely would have to be tear down.

. ;)I also noticed the one house I have with wallpaper seems to withstand much more wear and tear than paint.  

Can I back out if I find out a door knob is lose or there is a tear in one of the window screens? 

Less money spent on supplies, less wear and tear on your place, less money spent on utilities, fewer guest headaches, etc.Bottom line: there’s a LOT of puzzle pieces you have to get right to make this work really well, but once you master it, it can be very rewardingI preferred to invest in the year-round high revenue parts of the US where you can earn a lot of money year-round.

Pretty for a primary residence doesn't always transfer to the kind of wear and tear that a STR gets.