Turnkey or Value-Add for First Multi-Family Property?

[Austin McAnena]

I've identified the markets I want to explore out-of-state, connected with an agent and am evaluating properties daily. Looking for MF buy & hold B class properties. I've seen many turnkey duplexes on the market with new builders, and have the perception turnkey would be easier but not always yield the best returns. Value-adds may have more upside but also more risk. Knowing I'm outside of state, naturally I'd lean to turnkey, but want to know if the juice is worth the squeeze with a value-add deal.

I understand there's no right or wrong answer here, but just curious to hear about other experiences in addition to pros & cons.