It sounds like you may know that since you know how much "cash back" you are getting but we can't see that math. 

But when you actually look at the numbers, most investors aren’t running the math correctly, and that misunderstanding is why a lot of people get stuck, overpay, or get burned on the refinance.If you want to scale using BRRRR in 2025, here’s the math you must get right.1.

= 20-40k-- Capex (target 1% of capital) = 10k-- TOTAL = 47.5-67.5k- CASH FLOW (YIELD) = 32.5-52.5k (3.25-5.25%)Based on that math, it's considerably better/higher yield to switch to STRs compared to the $15-24k cash flow in my LTR.

STRs provide a better opportunity for cash flow due to the higher daily rates, however the involvement is clearly increased.

I know there is a way to find the address of a property using Airbnb listing (but i dont know the method). you can also get involved in local facebook groups and become know as the person that knows a lot about the area and rentals.

For a property that still needs significant upgrades, that feels a bit rich.If the units get to the $900 range, the math starts looking like:6 × $900 = $5,4001 × ~$700 (converted laundry) = $700≈ $6,100/month≈ $73,200/year grossUsing a rough 40–45% expense ratio (since utilities and older systems are involved), you’d end up somewhere around $40K NOI once stabilized.At an 8 cap, that values the stabilized property somewhere around $500K.The issue is that if you buy near $478K and then put $100K+ into upgrades, your basis could easily end up around $575–580K, which is above where the stabilized value might land.That’s why it feels like the property is already priced as if the $900 rents exist.Where it might start making more sense:• purchase price closer to $350–400K• or if rents realistically reach $1,050–1,100 after improvements• or if the seller financing terms are unusually favorableOtherwise the numbers look tight for the amount of work you’re describing.Curious what the local cap rates are where this is located — that would probably be the biggest swing factor.

Adding to this thread....I think the math is still hard.I saw a deal come across my email late last week I dug into because I knew the market and thought the 5yr agency rates looked decent compared to the in place cap rates.I dig into the deal only to see buried in there that of the $13mil equity raise, $5mil was going to a preferred equity provider. 

To give some context on my role:I found the dealI was the only one in contact with the brokersI requested and organized all the diligence docsI handled all communication, underwriting, and deal flow up until the PSA stageOnce attorneys got involved, my partner stepped in on the legal sideMy partner is putting up 100% of the capital and taking on all the financial risk, which I fully respect.

The property is at a good price ($925k for a West Town four flat that's been pretty run into the ground w/ no rent increase in 20 years) but all the other variables throw off our deal math.

The math works especially well if you're in a market with decent rent-to-price ratios and stable interest rates.