While the cost can vary depending on the scope, zoning, and materials, I’ve seen similar projects run anywhere from $50,000 to $150,000, depending on factors like plumbing, electrical upgrades, and structural work.If you’d like, I can connect you with a few contractors or architects in Chicago who specialize in basement conversions.

Hi Chris, As financing costs will be a big factor in determining profitability, you should be asking HMLs for proposals to fund. 

Factoring market conditions at the time of refinance, I negotiated a lower rate and conceded a lower term anticipating rates to normalize in the 4%-5% range by 2026.

(Of course, there is a factor that higher rating will increase my booking but that is not just coming from adding one or two amenities) Besides item 5 and 6, I am not sure how much other items will attract more guests to my business.

Considering doing a 75% cash out refinance > 30yr 7.45% interest rateIn what situations might the 50% Rule provide a misleading picture of a property's financial health, and when would relying solely on the DSCR potentially overlook important factors? 

Financing is important but your realtor will absolutely be the determining factor whether you purchase correctly or not. 

Also, factor in potential interest rate changes if the HELOC isn’t fixed.

Besides the stress, the other main factor that I want to point out is- time and use of money.Wholesaling would have been much faster and that money could be used for the next deal faster.

Your accountant should be able to factor that into your total cost. 

Taxes, costs, eviction complexity, etc are going to be a much bigger factor in your success than anything else.