However, in a captured market serving a refinery, you have to be aware of the risk if the plant shuts down for an extended time or permanently like some have done recently. 

I’m not interested in sub-6’s so I disqualify them from me even looking at them.And only one part of the cap rate is market based, the price, the other comes from the P&L.  

The kicker in jefferson county is the sheriff's office has about a four month backlog serving turnout orders. 

We haven't had to cross that bridge, as we own the properties or work with partners & investors on ours, so we just do more standard P&L statements generated from QuickBooks.All in all, I wholeheartedly agree that there are some amazing tools out there that allow a non-coder to build out a really robust backend to their real estate STR business. 

@Nicole Vincent - a couple other line items to consider adding on your P&L. 

@Nicholas L. good to know I also am planning on buying.

I manage a property for one of my clients that is on that block and it has been a huge headache, I actually needed a police escort to serve notices there.

@Larry L., I'd recommend looking for:Ways to force appreciation such as through updates.

The HELOC funds can serve as your down payment AND a vehicle to massively accelerate mortgage paydown (and even paying off the truck) on the new STR property.

Quote from @Nicholas L.: @Michael ShenoudaWhat do you mean by "The listing is showing a cash flow of $1,050 / year"?