The reason I say this is that with a 5+ unit a lender will evaluate based on NOI and a cap rate, so adding a 5th unit COULD (or could not) substantially increase the value of the building and make it worthwhile to refinance and pay off the existing loan (that is tied to the "old" quad) anyway.

@Bennie Smith there's two parts to that:1) We take on properties all the time and do a TakeOver Evaluation Video that we share with the owner.- Many of them have no clue of the actual condition of their properties and a decent percentage want to then sell.2) We have owners we terminate, that don't want to spend a penny maintaining their properties.

This is why seasoned investors run a "stress test" when evaluating their investments.

I've created a free interactive map for the upcoming Philadelphia tax sales auction, where you can easily see the location of each property along with its auction ID.

We've ranked 183 Detroit Neighborhoods for a better approach, yet warn clients we/they still need to evaluate the block before buying.

If I am self managing my portfolio, what do I need to check/confirm, and what easily available tools are at my disposal (online, other) to help me do this? 

Loans Not Owned by Freddie or Fannie If your loan is held by a private lender or another institution, it’s important to evaluate the interest rate.

If they or we have those,  we can do and achieve about anything.Most people could afford this easily by trimming their budgets. 

I’d aim for low downpayment land contracts and lease options.After refinancing out of the FHA mortgage, I’d evaluate if I wanted to repeat the 2-4 unit FHA 203(k) process again or if I had the 20% down to target 5+ units.Good luck with whatever you decide to do!

I make a decent amount of money nearly from my W-2 (over 100k) but still not enough to easily buy another property this year especially if I have to put down 20%.