Originally posted by @Dana Whicker:@Bob Bowling Bob, you enjoy toying with people don't you? 

Dan,A good way to start is find a home in an upcoming area that offers a larger lot so you can add rooms/sqft. 

@Dana Dietz First off congratulations!

Hi Dana,I just did this myself! 

I have an older condo rental in Dana Point where the tenant has been renewing on a yearly lease year after year.   

@Dana Carr I don't think that spending much money on this will add to value of the property or increase rents.

Purchase price: $425,000My wife Dana and I purchased a fixer upper in Greenwich, CT.

Dana A

Hello Dana Happy New Year to you too.So how we have a few rentals as well and we when we wanted to pay them off, we took all of the extra cash we could spare and put it towards the property with the lowest mortgage.

@Dana Revallo, as others noted, traditional loan products that will get sold to Fannie or Freddie will use the valuation an appraiser assigns, and that is almost always the sales comparison.