Properties close to Lidl, Aldi, Morrisons and Asda have typically increased by 15% in value over the past four years, Lloyds Bank said.Sure this is in the UK, but it should have the same affects here. 

Here are things I also consider in my model (but I'm also an excel guru and work in investment management firm so i'm good with number crunching):estimated annual appreciation of (but you can bypass this if you assume that increase in your rent offsets all the expense increases):1. assets2. rents3.

I intend to bill water back to tenants later on to increase revenue for about $600/mo.

What % do you increase the rent every year

Wouldn't your credit score deteriorate a lot from getting lots of hard inquiries on your credit, which then will increase your interest rates?

The STR has higher expenses than LTR, so this is no where near as much cash flow as getting $15K/month for an LTR but it is significant positive cash flow.I suspect the rent as a LTR will be between $5.5K and $6K per month but we have done a rent survey yet in part because I am anticipating the LTR rent may fall due to the increased supply of LTR units. 

Increase income and cut expenses?

Since i bought it last year, the market has gone up about 13% which put my property below 80% LTV. i just pulled a HELOC out of it in hopes of using it to pay off my debt to increase my FICO.

You will want a landlord dwelling fire policy and an umbrella policy to increase your liability!

Look for deals that need physical improvements that will allow you to increase rents and occupancy.