Clearly not an apples to apple comparison.Turns out the owner has made some improvements since May, like a new roof (which I verified by driving past it today), re-tarring the driveway, improving the garage - this is everything I could see from the driveby - will see the interior on Friday. 

This tenant was the best of the bad apples for a property I have in Starke, Florida.

Exactly, apples to elephants...or something like that. 

You're mixing apples and oranges for a fruit salad.

With that being said, there are many 'great' wholesalers, and its unfortunate you found one bad apple.

Of course, this is not completely apples to apples as you committed the down payment, but you can discount the monthly savings going out several years and compare that to your down payment and it would be far greater.This comes with a caveat that had you waited and screened more properties, you may have gotten a better deal in which the math made more sense.

His office also happened to overlooked Apple hq.

The reduction of tax benefits must be considered if you want to compare apples to apples.

This approach is dependent on zoning/code enforcement saying it's acceptable.As far as your numbers - apples to apples... if you do it as a MF, then your renovation costs are the MF costs, and the analysis is as a MF property..

My question is more along the lines of, if we compare things apples to apples, will I be paying a premium once my portfolio is larger?