Can you enlighten us on what the currently invisible upside is to this property?

Lenders tend to like 3031s because the down payments are easy to source and protect.Many of our clients will negotiate their buy side by simply executing an assignable contract and leave the 1031 invisible for the moment. 

It's important to know which streets are where, how they *feel*, the cars that are on the street/in the driveway, and where the invisible lines are (other side of the track stuff).

They fail to leave invisible fence collars.

AdvertisingAuto and travelCleaning and maintenanceCommissionsInsurance (does not include PMI)Legal and other professional feesManagement fees (rental agencies and property management companies)Mortgage interest paid to banksOther interestRepairsSuppliersTaxesUtilitiesDepreciation expense or depletionThe biggest is depreciation, which isn't an actual out of pocket expense but more of an invisible expense.

But it's not just about numbers... this is about an invisible enemy we know very little about. 

There's an invisible wave of evictions leading to a lack of qualified renters and rental property mortgage foreclosures.

C/D class are super-profitable for those who know how to work them (I'm thinking of you @James Wise and @Jim K.) but you're not going to be invisible.3.

I'm not so sure about well-versed, but here's my take:Since STRs have boomed in popularity among investors, just like any other investment, there are leeches who figure out ingenious, almost invisible ways to steal from us. 

Strategies that I've considered are: Conventional 20% down on small multifamily properties until I run out of financing, paying "cash" (using invisible cash, HELOC, retirement funds, or a combination thereof) and re/financing, and/or getting an FHA 3.5% down on a small multifamily property, but I think the order in which I do this can be optimized as doing some will lock out others.