But of course, the actual value will depend on a lot of variables - local market conditions, planned renovations, etc.

So if you renovate and the property appraises higher, you could use a cash-out refinance to access funds for a new down payment on another multifamily property—without creating a taxable event.

Understand renovation and how to write a scope of work4.

When I did some research on a few properties, they’re buying the houses at 20% of the same price (that’s presented to the prospective investors) and do some renovations and offer them at 4-5 times the original purchase price.

Bought my fist property in 2022,PITI + HOA at the time was 2200, based the market and renovations i believed i could get 2400-2500 for the property, which i did get 2500 the first year.

I am renovating a walk out single family home to have a separate legal unit in the walk-out basement. 

Renovations completed using our HELOC.

The building is older and could be renovated.  

The additional income from STR could justify the renovation costs, but it requires active management and market awareness.LTR or Break-Even Strategy: Renting long-term might simplify things, but if it only breaks even, you’re right to consider if appreciation is enough motivation to hold.DIY Basement: DIYing the basement could increase STR appeal without the full $50K outlay, especially if extra space attracts more bookings.

Purchase price of about $1.5M with $300k in CAPEX budget to repair and renovate the units.