As there is only a one lane asphalt driveway that goes between the building and the east property line the contractor will have to operate his heavy equipment there and will hurt tenant access and definitely damage the asphalt.

Try researching organizations like Oxford House, which operates sober living homes nationwide, or check directories like TransitionalHousing.org for recovery housing programs in your area.

Hope you done get calls asking how to operate the TV remote or how to watch live sports!

So just curious if my number formula is correct $15k down plus $15k Reno = $30k rental income/year  $14500 vacancy rate 2% operating expensive 35% ( to cover condo fees maintenance insurance ect) $5500 a year mortgage so roughly a 12.25% cash on cash return ? 

We recently did a loan involving a borrower with a mind-numbing operating agreement involving nested LLCs, retirement plans, and individuals. 

Just ask any MFH operator who did an acquisition in last 18-24mnths. 

Account managers have literally no idea about day-to-day operations and glaze over specific questions asked to delay and confuse owners. 

Also it meets the 50% rule. 30 year mortgage at 7% is a payment of approx 323. 925 rent - 462 (operating expenses)= 462; 462 - 323 (debt service)= 139 cashflow.

I would be careful about sourcing these types of lists from other operators, it takes awhile to build relationships with various companies and most of the company contacts don't like their information being passed around

Usually only commercial properties with established operational expenses histories are evaluated by cap rates and then those cap rates can also be applied to buildings in certain areas representing higher or lower risk areas.