I believe the one good thing about that spreadsheet is that it can be adjusted by the State you live in. because costs are different in every State the estimate sheet i believe is based on a multiplier for the corresponding State, as most cost estimating books are based. that program does break down a lot of information for you and i think it is a good program, one thing you may want to check is if the program updates every year with current multipliers for the States ( program is probably based on a starting average value for each thing and then the multiplier changes as prices for materials change) and you want to make sure it does that.

You eliminate the STR loophole which allows adjusted material participation qualifications

I need to adjust my approach and mindset accordingly.

Don't hire family / friends.Hire a professional who is boots on the ground 24/7Insurance rates going up should be a good thing since its baked in for those selling the homes, especially if they are selling an investment property.You can tell them, I can't pay at this price because these are my income and expenses and I can't cash-flow given the numbers.Over-time, sellers will adjust.

Yes you have some minor decorations, but it isn't really themed based on your competition.That is a themed bedroom.Or this.Make adjustments to your description so you don't get a repeat of of the 3 star.

Essentially, the cap rate is the proportion of Net Operating Income (NOI) to the property's value or selling price:Cap Rate = Net Operating Income (NOI)/Property ValueThis ratio offers a direct method to evaluate the yield a property generates in relation to its cost.For advanced real estate investors, integrating additional factors might prove beneficial:Vacancy rate: The duration the property remains vacant.Operating expenses percentage: Includes insurance, utilities, and maintenance costs (excludes mortgage payments, depreciation, or income taxes).The adjusted formula for net income, incorporating these considerations, is:Net Income=(100 − Operating Expenses %) ×(100 − Vacancy Rate %) × Gross Income

Depending on the county, the assessor will pick up your sale price and adjust your taxable value to 70-100% of sale price.Insurance: Have your insurance broker get you a soft quote based on your lender's insurance requirements.

The house has been on the market but traffic is slow - not sure if this is due to the current environment or something specific I should address within my listing (we've already adjusted the price). 

So let's try to break this down for you.In a nutshell, depreciation recapture happens when you sell an investment property for more than its adjusted basis (the original cost minus accumulated depreciation).

Unless you are a child and moving into the property, it will get a property tax adjustment.