They have too many rules, crappy parking when rehabbing, uppity neighbors who complain and report you to the HOA and every government agency, you get fined when a 2 inch weed gets on your sidewalk, you have neighbors who play thumping music and you can hear them snoring and making weird noises when you are trying to sleep and a lot more.Don''t spend one penny you don't have to spend and move on to another project.

The answer is entirely dependent on your property.Sometimes it is washing the windows, could be writing better copy for the listing, could be power washing the building or the sidewalk, could be fresh paint, could be making cookies during an open house.

First you want to interview several commercial general contractors that build the type of building you want to develop so you can get an idea of costs, time frame and requirements.Next you want to check with the city or county to determine what is required for all approvals including site plan and building permits, proffers, water/sewer tap fees, bonding requirements, inspections and CO process and time frame for all approvals.You also need to check with the utility companies and get an idea of availability and cost estimates from them for water, sewer, power, gas, cable, installation and connection requirements, tap fees, hookup charges, transformer location and relocation, power line and power pole relocation issuesCheck to see if you have to install any manholes, fire hydrants, curb, gutter, sidewalks, street signs, street lighting any specific street design or access requirements,.Check DOT requirements for access, stop lights and permits, traffic studiesDWQ requirements for permits, permit fees, time framesThis is a broad overview of the process and your civil engineer can handle all of this but it's good for you to know exactly what's required.

One significant reason to invest close to home is that you have a better handle on the market. eg, of the two properties you mentioned, if you could drive up to them and take a look (even from the sidewalk or street) you may understand why the different valuations.

On Google, it looks like the yard, sidewalks and driveways are thrashed and you did not put any money in your breakdown for repairs.

So, I find that even 10% is too high for the vacancy rate, but better to be safe than sorry.I try to stay away from properties with HOA's because they fine you for things like a 2 inch weed on your sidewalk and the fees cut deep into your profits.

Hanging out in long white tshirts and drinking beer unless they are on the sidewalk usually won't be policed. 

Not only do the exterior of the place, but it can make a massive difference to the look of the place if you do the sidewalk, driveway, patios, and walkways.

Eric, most sewer line issues I come across are tree root invasions so if there are large Rees in the front yard, or near the sidewalk, and the house is old, I would guess you may have issues.

That is, besides the snow removal service for the walkways, sidewalk and stairs, will we need to provide snow removal for the parking area?