Here are a few brainstorming ideas:Outdoor LivingMust have potential for high-impact features like fire pits, hot tubs, dining areas, or outdoor games to significantly boost appeal.Views & ProximityProperties with desirable views or close proximity to water, nature, or main attractions offer an enhanced guest experience.Premium Interior FeaturesPotential for dedicated game rooms, high-speed Wi-Fi, or comfortable dedicated workspaces to cater to diverse guest needs.Easy ParkingAdequate and convenient parking for the expected guest group size is critical for convenience and securing 5-star reviews.Garage to Game Room ConversionIf driveway parking is plentiful, converting a garage into a functional game room or extra living space offers amazing added value.Noise & Light AbatementEnsuring quiet enjoyment of the property through noise reduction measures enhances guest comfort and prevents issues with neighbors.

That means more cash flow, faster pay-back, and smarter reinvestment.What Is Cost Segregation & Why STRs BenefitCost segregation is the process of breaking down a property’s purchase price (or renovation cost) and reallocating portions of it into shorter depreciation lives (typically 5, 7, 15 years) instead of being lumped into the standard residential/structure life (27.5 or 39 years).For STRs (especially where average guest stays are short and you materially participate) this becomes even more powerful:It accelerates write-offs and frees up cash sooner.It helps you convert your property into an “active business” rather than passive income in the eyes of the IRS, making more deductions usable against other income.Personally I'm a realtor which makes it easy to gain "material participation" as I am classified as a "real estate professional"There are ways to structure a property that is managed by someone else and still qualify.

Land size definitely affects value, but the impact depends on how that extra land is actually used or perceived by buyers in your specific market.If the larger lots around your subject property mainly offer more open space but don’t add much in terms of usable area like room for another structure, pool, or subdivision potential then the price difference might be minimal.

@Ana Booze If you’re financing a multifamily property, the loan type depends on the size.

So between 2012-14 we averaged selling around 360 properties a year to hedge funds.  

Here’s a comparison of average homeowners insurance costs and property tax rates in 2025 for Florida, Nevada, and Texas:StateAvg.

What matters are yournumbers once you take over and manage it under your own assumptions.I would ask a local property manager what the average expenses are for a condo of similar size, age, and condition in that area, and what the average rent would be for a comparable unit.

The IRS definition of in service is simply available as an STR before the end of the tax year.irs also requires an average stay of less than 7 days.  

For tax purposes, the IRS considers the average stay across the entire multifamily property, not just the short-term rental unit.

Additionally it is a smaller loan, so lenders will price based on the asset size and loan amount.