Look at at least 12 months of actual performance, not projections.

Developing a project boils down to what you control and don’t control.  

You have to look at projected market rate rents in the upcoming 2 years.

In that price range, especially in stronger northwest pockets, the deals that really make sense usually need some level of work.I would focus heavily on projected property taxes, realistic rent comps, and the condition of major mechanicals.

If you are staying overnight only to work on the flip, such as meeting contractors, doing repairs, or checking on the project, the hotel expense is usually considered a business expense and can be written off.

After the sale, we are projecting about $400k after it's all said and done (realtor fees, closing cost, debts paid, etc)

We knew finishing construction would allow the borrower to have significant equity in the property so we worked with the borrower to get the project completed and fund the completion of the project.

It's a clean project with a big payout at the end, no ongoing landlord headaches.Finding the right deal is the main game.

In some areas, the ROI ends up being more stable than pure nightly STR.At a $250k purchase price, I’d pay close attention to:• Local STR regulations and enforcement trends• True occupancy patterns (not just projected revenue)• Seasonality dips• Insurance + turnover costs in that zip code• Your exit strategy if you ever pivot to long-termOut-of-state can look stronger on paper, but it adds layers operationally unless you already have reliable boots on the ground.If your goal is scaling, I’d focus more on operational predictability and repeatable systems over chasing the highest projected ROI.Happy to share a little more of what I’m seeing in ATL from the operations side if it helps.

Hello BP Community and specifically those in North Carolina, I’m a real estate investor with experience in quick flips, ground-up builds, and value-add square-footage projects.