There are investors that do this kind of thing with HUD homes as well.They sign paperwork at closing that they are occupying the property.Another component of this is fraud to a lender on a loan if you say you will be living there.The reason is lenders give certain rates to owner occupants because statistically you will fight much harder to keep a place you live in.If it's just a bad investment it is easier to walk away hence a higher rate and more down.This property from what you said is 2,400 X 12 = 28,800By half is 144,000 at a 10 cap based on 50% costs.The carpet and paint the bank put lipstick on it it appeal to a home buyer living in one unit and driving the price up.On a quad typically you could expect about 8,000 for the siding,4,000 for the roof,6,000 for 4 outside A/C units,if interior bathrooms and kitchens are outdated about 4,500 by 4 units is 18,000,then water heater and heater about another 6,000 total.So conservatively I have about 42,000 in immediate CAPEX.Every areas cost is different so I am just throwing mine out there.Now the other you say 20 quads total is what you need to worry about.If there are a bunch of short sales and foreclosures from vintage 2004,2005 loans then the new purchaser with a cash offer or a small debt service will rent below market to fill quickly and turn more or the same monthly cash as you.So you starting out at 600 rent monthly might go to 550 or 525 in your development.I have seen this happen.I have also seen even if your building is well kept quality tenants do not want to live next to the other buildings where landlords put in suspect tenants to fill up.Also some landlords with high debt service will drop rent instead of repair to keep tenants so they won't spend tens of thousands out of pocket to rehab.

My father is a structural cad electrical/structural engineer so I know I can save on the plans However where I see I could save a good bit is on the interior work.

Don't drop that because if something happens to the interior (flood, fire) you will need that $10K to replace your components.

Has anyone added interior molding or trim work to existing vinyl windows?

New always sells at a premium to "used".Interior appointments, kitchens, baths etc change a lot.

On "turnover" of my rentals he would say "I'll paint the interior for $200, you buy the paint".After a day or 2 he'd ask me to bring over my lawn mower, weed whacker and hedge trimmer, then he'd want all the cleaning supplies, etc, etc.

Then there are the tenant files, maybe getting signatures on new leases, issuing new house rules and contact info, inspecting the interior of new properties, getting "on top" of tenant issues and property issues.

A lot of buildings are torn down destroying the old world craftsmanship in the interior.

WorthQuiet, older neighborhood with lots of rentalsAsking price $48K, was marketed as a triplexI offered $30K cashDOM 7They countered $40K cash and a short closing date(10 days)I was able to do my own inspectionsDiscovered 4 kitchens and 4 bathrooms.Needs trees trimmed, roof, minor interior repairs and cleanup.Should be worth $80K-$100K when finishedI uncovered a city lien against property for grass cutting(they had to pay for)During title work a federal lien was uncovered(they had to pay for)We closed on the last possible day at 4:00pmObservations:I used a buyers agent to represent myself.

How much does it cost to buy and replace an interior door?