Hello, hope you are healthy and safe.I'm very aware of section (s.) 212.02(12), Florida Statutes (F.S.) which states ALL money collected from a tenant in a Commercial Property is considered rent and as such it's subjected to Sales Tax (5.5% + 1% Miami-Dade).I have a BIG objection with this statue.

Turning 30+% tax into 0% is a pretty healthy bump to your net.

The city of Ventura, Malibu, and calabasas (during a healthy market) can provide some additional supply that will supplement the lack in Thousand Oaks.

There are closing costs and rehab costs to take into consideration as well, but still a very healthy return on your money.

Now we're sitting at 6 properties total that generate a healthy monthly passive cash flow (mail box money as they say!). 

At the same time, with new people moving here and a pretty healthy average sales price, there are probably worse places to be.And to Steve, I do not believe that is the case...that Colorado has reciprocity in all 50 states.    

Our payroll is running around $200K a year for 2 FT + 2 PT.INCOME = $465,720EXPENSE = $213,200NET = $252,520 ($21K profit a month)This leaves us plenty of wiggle room to offer resident retention programs, marketing programs, cover out-of-pocket upfront expenses, and maintain a healthy business operation WITHOUT overcharging our clients.Your assumptions:Renovation - 30-50% markup bet I'm close, hopefully not low by a bunch.

Hi Team, I hope all are healthy both mentally and physically.

Keep safe, be healthy and see you around the site!

I finance these assets all the time, and I always have to explain to my newer (and experienced investors actually) that leverage in the small balance multifamily game is capped at 75% for a vast majority of the players, in a healthy market.