Repeat this strategy every couple years.If you really don't want to buy a primary residence and instead you want to buy an investment property then I would recommend a new build in Casa Grande for under $300k, this will require a 25% down payment and buying the rate down a little to break even on cash flow, but will be a very easy first rental property as it will be brand new and will not require any cap ex for many years and by the time it does require cap ex you will have raised the rent and gained enough equity to do a cash out refinance.

- With talks of a cap on STR permits, I need to act fast.

This is an on market deal.Purchase price: $170,000Downpayment: 20% (34,000)PITI: $955Maint/Cap ex/Vac: $270Gross rent: $1800Cash flow: $1800-$1225=$575

Purchase price: $170,000Downpayment: 20% (34,000)PITI: $955Maint/Cap ex/Vac: $270Gross rent: $1800Cash flow: $1800-$1225=$575

Hello,Does anyone have insight into the current trailing (T12/T3) cap rate for 1980's multifamily property (100+ units) in DFW? 

Don't Refi - at the very least get a 2nd mortgage and keep your cashflow closer to 350 a month to have a buffer for repairs and cap ex.

The only way to make housing less expensive is either increase everyone's income (not going to happen), build more housing or allow fewer people in the country (assuming populations are increasing-they are in Canada).I've increased rents, but I have 3 rentals in areas with caps on rent increases and all of them are far below market value because of rent caps and long term tenants. 

Pay close attention to the capital stack, how much debt there is, how much preferred equity there is, how much the GP is co-investing, how much they project rents to rise organically every year, what exit cap rate they're assuming, how much cash reserves the property/investment will have, how much does the deal returns change when you add 50-200 bps to the cap rate, what is your breakeven occupancy and exit cap rate, and a bunch more. 

With the deal structure this was you get:$ in stocks - providing--Div, Appreciation, Cap Gains leveraged to gain House with Equity capture, Cash flow (think house hack), principal pay down, appreciation, depreciation and write-offs and whatever the value of learning to earn is....  

As cap rates continue to decompress, rates stay high, and prices adjust downward, cash flow will come back.