I would echo @Brandon Croucier - the secondary market for DSCR's is super aggressive and rates typically reflect that.

Wonderful reflection my friend! 

Our STR/MTR portfolio typically sees around 80% occupancy, and I’ve noticed that the online travel booking sites often push properties with consistently great guest experiences.

All too typical park owner who took all the profit out of the park without reinvesting in the business then wants to sell you the potential he was too cheap to invest in. 

Sometimes the asking price does not reflect what's actually going on, there's a tenant, there's a change in the seller's situation, etc. 

For a quick turnaround during the holidays, that rate might reflect premium timing.

How much upfront costs are typically involved in a project before you know if it's a viable project to pursue? 

In its current state:Current NOI: $79,058 (based on 80% occupancy).Current Cap Rate (at $1.25M): 6.32%, reflecting the property’s as-is performance.Value at a 7.5% Cap Rate (Market): $1.05M, based on current NOI.Given the renovations, vacancies, and risks tied to stabilizing the property, I’m considering offering $850K to reflect its current state and value-add potential.

I'm curious, at what point does this reflect poorly on PM and suggest I should get antoher PM?

Have you taken the time to sit down and reflect on last year and how you did compared to the goals you set for yourself in 2024?