@Michael HoustonSo cap rates are for commercial properties so they have no use in 1-4 unit values.

One quick point, you can create sub-virtual accounts for each unit / room by property which I imagine would be helpful if you're renting by the room for your third property.  

I’m no longer house hacking, and all three units are rented out, generating a total of $8,200/month in rental income.

The most concerning is that they allowed unsupervised showings on a vacant unit- something we were not aware of until serious theft had occurred.

(The people running 500+ units or $100m syndications when the average BP listener (I assume) has 1-10 units and is worth $1-5M.).

Keep in mind that DSCR loans are how most investors have scaled. whether its residential DSCR or commercial DSCR at 5+ units. personally, i like them better. few reasons why:1. seasoning period is only like 10-30 days vs 60days going conventional2. seller max contributions DSCR is 3-6% where conventional its only 2% max3.

@Kyle McVay I self-managed my first 5 units and then transferred all new units to a PM.

I’ve recently undertaken to paint 3 units, two 2 bedrooms and one 1 bedroom.

I put the cash from the refi back into more mutlifamily units that produce more rental income. 

There was quite a bit of unused land and the zoning gave me some flexibility if I wanted to expand various aspects of the property.Also the self storage units were all below market rent and the seller was willing to finance at a decent rate with a 5 year balloon.