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.

New flooring, fresh paint, updated fixtures, addressing deferred maintenance.I raised rents strategically as leases renewed or units turned.

Instead, I ended up doing:All 16 windows replacedGranite countertopsNew roofNew HVAC systemNew breaker box and meterNew PEX plumbingNormal paint, and floors updatesI also made some rookie mistakes:Tried to do some work myself to save money ended up wasting about $5–8K having to redo or hire pros to fix it.

I'm sure his bad credit doesn't help eitherWhy I suggest construction escrow, so he can’t rip off the money.

I may have used Paint or something that was already on my computer, so it was free.

You can't change the size, but you can replace the kitchen, tough on the bathroom to fit a counter, because of the size, paint the rest, upgrade light fixtures, evaluate and update flooring, millwork as needed - no matter how cheap you do that, it's hard to make the numbers work.Ultimately, the market will render the verdict.

. 🔑 Turnover Costs: Cleaning, painting, rekeying, yard refresh, and lost rent between tenants.

A key advantage comes when you have a true strategic financier; they position you to focus on the projects themselves while they handle the loans, draw management, paint a clear picture of risks associated with each project, and help you gauge your returns up front.

But at the same time, being “on call” or chasing trades can be a headache.What if I were to create a service that ONLY handled landlord tasks — not rent collection, not tenant screening, not managing the whole property — just the annoying one-off things like:Coordinating with a plumber/electrician when something breaks.Doing move-in/move-out inspections with photos/video to document condition.Overseeing a turnover (cleaning, patch/paint, locks).Handling those random city compliance to-dos (smoke detectors, inspections).Basically: you keep control of your property and tenants, but you can call someone local to be your “boots on the ground” when you don’t want to drive across town or deal with contractors.My questions for you:If something like this existed in your city/town, would you use it?

Regarding amenities, focusing on affordability is smart, but even small touches like well-maintained landscaping and curb appeal, modern or fresh paint colors, energy-efficient LED lighting, updated cabinet hardware, ceiling fans, good window treatments, and ample storage solutions all stand out and can help fill units faster and improve tenant satisfaction.