Probably $60K to $80K based on the improved cash flow and condition.But that means roughly $170K to $190K of the profit came from something else... buying the property right in the first place.This is the part most investors miss when they analyze deals.

so far it's been a labor of love, but i finally got it to scrape the entire site. now just trying to figure out how to improve my flow and other sites I should add to my sourcing engine. feedback would be appreciated!

That means more of your cash stays in your business, not the IRS’s pocket.For many buyers in this market the ability to offset income and reinvest tax savings is a major advantage — and it strengthens your underwriting.Since STRs have strong appeal (friends & family groups, weekend escapes, high-end amenities) the sooner you position it as a business, the better your financial outcome.Your Step-By-Step Playbook for Cost SegregationHere’s a practical checklist to make cost segregation work for you in an STR:Buy/underwrite with tax strategy in mind: When you evaluate a property, include cost segregation as part of your operating model (not just nightly rate and occupancy).Engage a cost segregation specialist: You’ll want a qualified provider who understands STRs (they’ll allocate assets into proper shorter lives, document everything).Structure operations for “business” treatment: Track participation (guest communication, property maintenance, marketing) to lean into non-passive income treatment.Conduct the study early: Ideally in the year you take service (purchase or major renovation) so you front‐load benefits.Keep detailed records: Invoices, improvement costs, design/furnishing upgrades, hours spent managing.

Is there anything I can improve on?  

Live in the property, make improvements that the market will pay for, refinance or sell and repeat.Land is a good property type to avoid for a new investor - no cash flow, lots of pitfalls and time spent. 

Are these actually any improvement over a well formulated Excel spreadsheet? 

They don't even have to make a trip to the bank to back out, they do it reclining in a living room sofa chair, anytime the mood strikes as easy as clicking a TV remote.Second, what good are holding deposits, if there is no penalty for backing out of them.   

I'd be happy to review your coverage and see if we can improve it in any way!

It seemed like it was a no brainer being directly in the path of progress and a slam dunk as far as appreciation and improvement in tenant class.

Now that these improvements have been made, the expenses on the buildings will go down to about 35-40% compared to 50-60% over recent years.