Everyone’s talking about high labor costs, expensive materials, and shrinking margins.

Unless you purchased well under market or plan to use the property personally, STRs rarely produce the high returns they once did.Your real win came from buying right and rehabbing well.That 43% pre-tax return created through acquisition and renovations is impressive.

Would be curious to see that underwriting...The main driver for the high IRR is the short hold period.

Which units are renovated, and which are non-renovated (this will impact rents).

Still a bit high.

points seem high -Could probably get down to 1.5 or 1.25 depending on who you are using, but its not out of this world crazy. 

It became one of the standout successes in the portfolio due to its high return.Lessons learned?

Short-term bridge or acquisition loansUse a 3–12 month bridge to close and rehab, then roll into DSCR or long-term financing once the refinance event hits.

You were paid $173,676.50 as your acquisition fee.- You then chased a second deal.

@John WoodingtonJohn, if your goal is cashflow and long-term wealth building, buying another property in a strong Midwest market could make more sense than paying off the high-interest mortgage—especially if you can acquire a property that generates positive cashflow above your current $600/month payment.