I’ve been exploring performing real estate notes lately — consistent monthly income without the typical landlord headaches.I’m wondering how others analyze these deals and what kind of returns you aim for?

Lots of companies that specialize in that service if you're looking to improve the rankings of your direct booking website.

The asset was already stabilized, but we saw clear potential to push rents, improve tenant experience, and increase overall performance with some targeted improvements.Rather than a heavy lift, this was more of a “tune-up” play: updating select units, reducing operational waste, and tightening up management systems.🏆 Current estimated value: $3.1M, with strong cash flow and long-term upside.Highlights:Located in a quiet, high-demand rental pocketStable occupancy with low turnoverLight value-add strategy—small updates, big impactSteady performer in our Cleveland-area portfolioThis property was a great example of finding hidden value in an already decent building—and letting good management do the heavy lifting.

For example, if the improvements don't meet code, he shouldn't expect to be repaid the $200k he paid to make the improvements. 

How does this perform on paper?

We improved operations, updated units as they turned, and tightened expenses.

With 23 units already, your management load is likely high, and room rentals can easily double the operational headaches.At that scale, the best way I’ve found to improve cash flow is through portfolio architecture.

I see nothing in the data that leads me to believe San Diego will not continue to out perform other markets.  

The metrics I look at is cash on cash return, what interest rates you are getting, % down need to close, points that need to be paid, capital improvement cost (if substantial), and what your cash flows are looking like on these new acquisitions (i.e. +$200 a month after all expenses).  

No repairs or improvements will be made over $400.00 without the written consent of the property Owner except for emergency repairs.