next Step in the Brrrr Processes

[Evan P Stegman]

Hello BP world. 

I currently own a 3 unit rental property in Cincinnati that I house Hack. Bought the triplex in late 2021 and have fully renovated two of the three units. Currently am working on renovating the 3rd unit. I bought it for 317,000 and make 3750/month in income from the rents. If my math is correct this property will probably appraise for around 450,000 as is which means I can pull out around 100,000k in equity. Now the fun begins, I had a water proofing company come and check out the basement because there is water from time to time. Since the house was built in 1885 it has a stone foundation which are meant to have moisture from time to time to "breathe". The company told me since I wasn't using the space other than storage, it really doesn't make sense to water proof it. He also said if they do water proof it I'd be able to convert the basement into another rental unit. In your opinion does it make sense to pull out some equity and add another unit to the basement or to go on the hunt for another property I can renovate and hold as a rental?