Since you’re looking out of state, focus on neighborhoods with stable rental demand, check crime and school data, and make sure you understand renovation costs for older Midwest housing stock.

Given your mix, I’d keep the 2.9% LTR leveraged and redirect extra cash to build 6–12 months of reserves across all properties, then attack the highest-rate, highest-payment risk next, which is usually the primary; the STR stays if it’s reliably cash flowing after reserves and stress tests.

A good tip is to do a thorough sniff test in each room after removing carpets and baseboards, and consider using an ozone machine or professional odor inspection if you want added certainty before investing in major drywall work.

I think most of them pull loan data.

A licensed, FCRA-compliant screening agency can handle this for you and give you clean, decision-ready data.Here is what most seasoned housing providers lean on today, instead of DIY document review:• Direct-source income verification that pulls income data straight from the applicant’s benefit portal or financial account, which stops altered documents at the door.

Doing so gives them more time to meet the short-term rental material participation requirements — and helps avoid the risk of taking bonus depreciation with a cost seg study only to have all that depreciation become a suspended loss if the tests aren’t met.

What data was this figure calculated by, exactly? 

Bonita Springs Unit — Strong Cash Flow, Higher Long-Term Risk Pros: • Attractive entry price at $223K • Strong tenant demand confirmed through your FF test • Seasonal rent potential around $4,000/mo • HOA fee of $460/mo is reasonable for the area • Not in a flood zone • Solid reserves ($480K for 78 units) • Strong cash flow potential Concerns: • Low occupancy rate at 41%, which may affect resale value and certain loan program eligibility • No designated parking, which can impact long-term tenant satisfaction • SIRS and milestone inspection requirements — these can lead to future assessments under Florida’s newer condo regulations • HOA leadership uncertainty — estimated increases are rarely accurate This property offers compelling cash flow today, but carries more long-term structural and financial risk.

Build a comp packet and challenge the appraisal.Appraisers do revise values when presented with clean data.

Also, the oxford house has strict rules for each tenant with 10pm curfew, weekly drug testing, weekly required AA/NA meetings, and required job/school.