Over-renovating kills your profit here.The smartest flippers stay in the middle of the market, simple layouts, cosmetic-heavy rehabs, nothing fancy.If you’ve got solid contractors, a good lender, and you stick to conservative numbers, flipping can still work in Nashville.

Upscale MTRs can earn more, but demand is less predictable, so stress-test your numbers with conservative rates and occupancy.

I have seen this same claim about income approach on STRs, but similar to the residential MF, the income approach is only included for reference and not used in setting the value.Here are some of my thoughts:- in my market refi appraisals are conservative.  

Since we want to be conservative with our underwriting, we found the county’s Property Tax Estimator tool: https://cuyahogacounty.gov/fiscal-officer/departments/budget...Our current thought process:-Look up the correct tax district and current value from county records-Enter the property’s purchase price as the new market value in the estimator-Use the 2026 estimated tax amount for deal analysis, since that’s likely closer to where taxes will eventually adjustFor those of you investing in Cleveland:-Does this approach make sense?

However our buy box was conservative.  

Since REP can wait till 2026, make 2025 your foundation year: lock a tight STR buy box that works on conservative, non-peak rates, confirm Westminster regs before every offer, and underwrite each deal two ways (STR base case and midterm fallback).

There are several other out-of-state cities that can give you stronger cash flow and easier scaling, especially as a long-distance investor.Other Markets to Consider:Akron / Canton, OH – Very affordable, excellent rent-to-price ratios, stable economyHuntsville, AL – High job growth, strong appreciation, landlord-friendlyBirmingham, AL – Low purchase prices, reliable cash flow, good PM infrastructureColumbus, GA – Military + manufacturing presence = stable rents, growing job marketTips for Picking the Right Market:Run the numbers first – GRM, cap rate, cash flow after taxes, insurance, PM fees, and vacancyTalk to local property managers – get real maintenance & turnover costsVisit or virtually tour neighborhoods – check schools, crime, amenitiesUse conservative underwriting – always build in a cushionI’d suggest comparing 2–3 of these markets side by side before making your first purchase.

Keep leverage conservative, insist on tight buy numbers with verified ARV from sold comps, and pad for carry, interest-only, and overruns.

Practical path: confirm rules with the custodian, price the deal with conservative leverage, get term sheets from lenders who specialize in nonrecourse to retirement accounts, and decide if lending your SD funds to an unrelated investor is cleaner for your first move.

If she's debt adverse you can put larger down payments, have higher cash reserves and take the conservative route.