This is just a function of prices, interest rates, and rents.

Use the Lookup function with my name and Deal Analysis. 

When I read the codes website, certain areas are clearly illegal to STR in Treasure Island, for instance, but I've stayed in several in that area and they are fully functioning, operating businesses within condo buildings that contain a mix of permanent residents and STR tenants. 

@Ujwal Velagapudi - How much of the rent declines do you think are a function of existing homeowners, now working remotely, putting their properties on the market for way less than they should because they’re not professional investors?

The market is hot because it's a perfect combination of: 1) Low inventory on the market (large buyer pool competing for fewer houses)2) Very high buyer demand (everyone wants to buy, and there are a lot of people relocating to AZ)3) Interest rates are low, which further fuels #2 above 4) Tempe has always been a popular place to live and it's landlocked so it's not like buyers can go further out to the new developments of Tempe (there aren't any)

Anything to make the home more functional or adding more storage space, is great too.

Practical items to care for are: loose hardware particularly on chairs, tables, or stools, a fresh coat of paint on walls and baseboards, loose drawers, fumigation, bed frames, new linen, loose ceiling fans, functional electrical outlets.

By that, I mean properties which are currently occupied (though maybe not fully) and generally functional, but which have room for improvement.

One thing to keep in mind is you are combining two different property types/classes that will have significantly differing valuations. 

I cashflow more than that on 3 properties I own, and owe about $110,000 combined.