The numbers may look good on paper, but the reality is very different-lower quality tenants, higher turnover, more problems and less money than you'd expect as a result.

It has been best to anticipate wildly different ARVs based on not only the property details, but also the quality of the finishes that are used.

I'd underwrite the deal as any other - make sure you are conformable with the quality & tenant base. 

Or we gradually perform high-quality updates for a live-in flip, then roll the equity into a new home.Regarding rental income, we aim to boost income, lower our effective tax rate by generating more low tax-drag income with rental income (since there’s not much we can do to lower out W2 tax bills) and have retirement cash flow.To compare the financial impact over 10-20 years, we want to analyze renting versus flipping.

Quote from @Joseph Sakic: Choose your hard.Do your research to find a quality PM.

@Nicholas A. your shotgun approach has a high probability of getting the exact quality you put into it.95%+ of real estate agent, many of them posting they are "investor-friendly", only know how to deal with owner-occupied transactions. 

Todays standards are far different as you know..

I firmly believe that thoughtful architecture isn't just about aesthetics; it's a strategic tool that can enhance property value, attract quality tenants, and optimize returns.

The previous landlord only collected half month rent as deposit, and I would like to increase the deposit to standard one-month.

It's a very competitive market there.I think your 203k approach will likely be a leg up in deal hunting as you'll be able to take on an investment that needs a bigger scope of work while others might be looking for a more standard value add situation.let's connect. i'd love to help however i can