Great points, Jeff — and you’re right to highlight that the expense ratios are unusually efficient for a coastal STR.A couple of clarifications on the numbers:The current owner self-manages, which keeps cleaning and maintenance costs lower than a third-party STR manager would typically charge.Some of the repairs and CapEx were front-loaded in prior years (new flooring, appliances, and paint), so last year’s P&L reflects more of a stabilized-operations scenario.The utilities figure is accurate — it’s higher due to being master-metered for the property — but the other OPEX categories are slightly understated if you were to underwrite this as a fully managed, third-party operation.If I modeled it using a professional management assumption plus normalized reserves, the operating ratio trends closer to 48–50%, which aligns with what you mentioned for coastal STR multifamily.I appreciate you calling that out — it’s a great reminder of how much variance there can be between owner-operated and institutional-style expense reporting, especially in hybrid STR assets like this.Here's the owner's profit and loss statement for the exacts of the 2024 year.

While I find these posts and interactions always help ground my day, I find myself intermittently taking time off to reflecting on some bigger picture items. 

You paid extra for less cash flow, even if the long-term CapEx benefits were obvious.But when new construction trades at a discount — and comes with a 10-year roof, new mechanicals, energy efficiency, and a builder warranty — the math changes.Lower maintenance, lower vacancy, and predictable CapEx are now being offered at resale pricing or better.That is a different equation than anything we saw in 2015–2023.What I’m seeing in Reno, NV• In 2021, new builds typically sold 12–15% above resales• Today, builders are offering $15K–$40K in incentives plus below-market financing• Several new homes now underwrite better than 1980s resales, even before factoring depreciationIf you only pull comps from the MLS, you won’t see these concessions because they aren’t reflected in list prices.

I work primarily with investors focused on short-term rental–friendly oceanfront properties, and something interesting has been happening here:Many of my clients are applying a modified BRRRR strategy to dated oceanfront condos — essentially:Buy older, underpriced units in established resorts → Renovate to STR-grade finishes → Rent on Airbnb/VRBO → Refinance after 12–18 months based on new income comps → Repeat with equity pull-out capital.Even though condos can be trickier with financing and HOA dynamics, the math has worked surprisingly well when:The HOA allows STR operations.Renovations target higher ADR and occupancy.The appraisal reflects short-term rental income rather than long-term leases.I’ve noticed this approach works best when you treat each condo almost like a “micro–multifamily” — tracking cash flow, management efficiency, and appreciation just like you would for a small apartment deal.Curious — has anyone else here applied the BRRRR method to condos or coastal properties instead of single-family or multifamily units?

The key is just making sure both sides reflect what really happened: LLC #1 sold it, LLC #2 bought it, and the cash stayed with the first.

I’m curious whether that allows me to adjust the tenant’s rent to reflect their exclusive garage and backyard privileges. 

-Signal of momentum: Major infrastructure projects like this highlight continued investment in Charlotte’s urban core — a positive signal for long-term property values.If you own or are targeting properties near South End, Uptown, Dilworth, or South Tryon, this project positions you ahead of future demand growth once the bridge opens.Charlotte-Area ZIPs With the Lowest Vacancy Rates (October 2025)These submarkets are showing vacancy rates below 10%, reflecting strong tenant demand and rental stability:ZIP Code​Vacancy Rate28092​ 4%280125%280526%286777%280818%281158%281348%282168%280369%280379%280279%281059%282179%280789%What this means:-Markets with ≤ 10% vacancy signal tight rental conditions and healthy absorption.

Your personal goal should reflect your cash flow needs and long-term strategy.

If the universe of buyers is limited to those that can pay cash; or those that qualify for institutional financing, or those willing to part with the 30% down payment, then the ultimate sale price will reflect that.

Not only does this cause more issues and expense down the line, but it reflects poorly on the PM group as well, and makes it difficult to fill units because renters see the property as not being well maintained and won't recommend or rent from other units in our portfolio.