Austin is going to perform worse, both for multifamily asset values and rent growth, than Chicago, in 2024, and likely into 2025 as well. 

General appreciationIf it is in a solid area, maybe the play is appreciation and then a few years later do a 1031 exchange to another, better performing property.With multifamily, typically you can't do STR, but maybe MTR?

It's a cute little 2bed/2bath on bluff mountain and it's performing better than I could have imagined.  

I would think this is a common practice that lenders perform, but if not....message me.

(Note: These are non-negotiable requirements that must be provided) MBE/WBE/Prevailing Wage: All projects that seek City assistance are required to have a certain percentage of Total Project Costs (TPC) that are being performed by certified Minority Business Enterprises (MBE) 26% and Women Business Enterprises (WBE) 6%, as well as have labor costs that pay prevailing wage as defined by the State of Illinois.

Would I rather own an AirBNB in Galveston for the next five years where a permit currently costs $250 a year and a correctly bought deal can still perform exceptionally, or in NYC where I can no longer operate now and for the foreseeable future?

Also a comment about someone saying it’s the student who doesn’t perform - as a coach / teacher do these people take someone’s money knowing they will fail?

As far taking a $1K loss a month, maybe talk to different prop mgmt companies to see if you can get a better deal or if your property needs any upgrades that you can perform in order to ask for a better or higher rent, something to consider.

So, they think it's done and high-performing and you think it needs a complete makeover so you would be paying up to renovate.

But the buyer and his lender were not going to perform in time of the 30 day contract as they promised initially.