What is your ideal STR CAP?
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As others have said most STR's are single family homes typically, so CAP rates don't apply unless you have a building with 5 units or more. The things I look at is cash on cash return and cash flow (profit). For a STR, the CoC should be at least 20% in my mind. Profit is whatever your goal is. On an annual basis I would hope it's somewhere between 20K-30K. It crushes LTR. It's all relative, you need to decide what numbers work for you and what don't.