If you are working in areas where you may commonly come across properties in this condition, work to build your network of professionals and personal understanding of redevelopment costs.

Another thing to consider - the condition of the home. 

That is great information to have and awesome to hear that you were able to find a place with some of those big ticket items in good condition! 

For example your nightly rates, leveraging cleaning fees as secondary cash flow, overall guest experience, quality/quantity of photos, and property condition.

@Bhargavi Karumanchi Depending on what I can tell about the age of the property and condition I typically use 6-8%.

Because of the condition and where it’s heading along with other lease violations such as non tenants living there, filth, etc.

Not knowing what you don’t know can be very expensive.Understanding building systems, mechanicals, and how to analyze asset condition is as important as analyzing a pro forma from a financial standpoint.

This last thing you want to do is be misleading, providing the condition of the property or any numbers can be misleading.

Please keep in mind I have no idea of your local market conditions or what the local comps have, so this advice is "generally speaking".

Rental rates largely vary by location, age/condition of property, and bedroom/bathroom count.