Curious to hear how things turned out and whether any unexpected challenges came up in the process.

We have had a pleasant and unexpected surprise of some appreciation over the past ten years in addition to rent increases to over $1k for good SFHs.

It’s true that freshly renovated properties should have lower maintenance costs in the first few years, but this doesn’t account for unexpected expenses.

However, it seems risky to own a property that you would barely break even on each month in the case of an unexpected emergency.

How to mitigate unexpecting costs that come up, is a battle that happens on every deal, but how we handle it is to keep the reps up.

Given Cleveland's cold winter weather, this downturn wasn’t entirely unexpected.

For example, when something unexpected comes up and your costs risk getting out of hand, you might change the scope of work a little.

The buyer would need to show solid financials also of course (good credit, experience operating rentals, proof of funds for down payment and adequate reserves to cover any unexpected cap ex).

This setup helps you stay organized, prepared for tax season, and ready for unexpected expenses.

A few years ago I got caught with a number of housing units I built in Philadelphia I planned to sell to owner occupants if not for the  2022 unexpected rate increases.