Expect a reposition project to take 2 years, not for a positive cash flow but changing the neighborhood’s perception of the place, this doesn’t happen overnight.I normally look at a project in 3 main areas:1.Management2.Building upgrade’s, repairs and landscaping3.Reposition tenant baseYour tenant base is very important, this will be the people that don’t want to move and that tell their friends what a nice place they live in (free advertising).

I hope to change that perception.  

Perception of higher quality on the rehab

:)Like I said, I do not have specific figures in front of me and I do not know how the numbers work on your prospective property, but let me tell you my perception of that area as someone who has lived a good majority of their childhood and young adult life in the area. 

Ignore those pesky appraisals and sold comps ... every sophisticated investor buys single family homes based on CAP rates, so you are getting such a better deal than what you can possibly find in CA.

The sophistication of the average person is much lower than what is required to draft a note, so you will inevitably have to employ an attorney.

Once in the spring and once in the fall, it also gives the tenants a peace of mind, and the perception that the owners care about the place.

My conclusion over the years though has been that those hoops are more a hindrance of perception rather than reality.  

No one buys homes with cash who is sophisticated.

This reminds me of AVM and other new age fancy formulas and algorithms that fancy, super sophisticated wall street types use.