Look for properties with high cash flow potential, good condition, and room for improvement, such as value-add opportunities.

There will be moments when challenges feel insurmountable—deals that fall apart, difficult contractors, financial struggles—but the only way to succeed is to persevere.

I'm not sure what the current appraisal value is, but comps in the area range from $600k to $1M+.

Feel free to reach out if you want to connect, I have some people I've JV'd with in the Texas triangle.

Already feel welcome! 

We usually see ~$2,000/month in cash flow (~16% cash on cash).Feel free to reach out with any questions!

I know a cost segregation study would be too expensive for such a small amount of property, but is it permissible for me to estimate the value of the components on my own?

Back home I would make a packet for my appraiser and never had a bad appraisal due to the that I specified the value add and the Reno amount and broke it down so they saw the potential and it always worked.  

Feel free to reach out with any accounting questions.

You can get REPS status regardless of how you handle depreciation.Straight Line Depreciation - This is taken 27.5 years on residential and 39 for commercial.Accelerated Depreciation - This requires a cost segregation analysis so you can divide the total value of the building into 5, 7, 15, and 27.5 (or 39) year depreciation buckets.