New tile on the floor doesn't mean squat".Mechanicals,roofs,plumbing,electrical etc. that is where the real cost is at.Is the property sub-metered for water??

As for adding value, just get the mechanicals in good working order & get it looking clean & fresh - paint & carpet or other flooring do most of the work.

Yes, I'd suggest you follow the mechanics outlined by Jason, but it will come down to which investment is best for you and determining what you must have as profit for your time.

If you fail to show a sufficient income similar to other businesses in the industry, the failure rate increases......why, because if you are a mechanic opening a repair shop and after three years you are not making more than any other mechanic working at other shops in the area, why are you doing it, why be in business, right or wrong, it is assumed you'll be doing what is most profitable for you, and you may just shut the doors and go get a job.

This can be anywhere from another $3-15K,depending on the house.So, a typical rehab will cost us $18-33K and that's for a house built in the past 20 years that just needs a complete cosmetic rehab and perhaps some of the mechanicals.

So..... a lot if people talking about the mechanics of the program.But to address Rob's question, we have not had any changes here to date.

Demand will be strong at this price point as the competition will be significantly inferior quality.24 unit complex (4 buildings x 6 - 1br units) built c.1978 - end of life interior but exterior structure / mechanicals appears sound.NOI forecast at 83k.Renovation budget at $375k inc contingencyPurchase price of $250kOur Bank will go to $565k @ c.4.25% for 5 years with 25 year amortization - they hold the note for the existing owner and know he is slipping into the default zone.

Once I get in a better place in terms of the property's mechanicals, AND I have my second property, I may hire a manager.

You're relying on an unreliable communications mechanism to justify spending money.

The mechanic of the oil gauge is quite simple for me.