We went from throwing our hands up in frustration because we couldn't afford to buy a duplex/triplex to literally creating our own multi family investment property at a price point that is well below market rates.

I imagine a lot of the foreclosed investors could have stayed afloat...kept their properties...using retirement savings but chose not to throw good money after bad.

Just throwing out my two cents cause I’m in a similar contract right now.

People know they can throw just about anything on the MLS and get an offer.There are deals, but they are few and very competitive when they do come available.

The larger the dumpster the more likely someone, not from your community, will throw a washer/refrigerator or whatever they feel they are entitled to, in your dumpster. 

I'm always shocked that's how people do it.To me, that's just throwing darts on a board and hoping it will stick on something that will make money.Learn the IRR.

Heck, with that much sq ftg you should be able to throw a closet somewhere and call it a 4 BR. 

Just wanted to throw that out there Incase you have not looked at it like that yet. 

@Hong Gao best of luck with the property, I've found that the contractors who don't give written estimates often have some of the highest prices they just throw a ridiculous number out there and some percentage of people just take it. 

Plus tenants might move at an accelerated pace because of the increases and this could throw your occupancy pretty low and even into negative cash flow.