If it's just repairs, then.... again the same considerations but, be sure they warranty the repairs too!

Has anyone invested in the Hampton Heights neighborhood in Milwaukee?

Consulting with both a real estate attorney and a licensed architect is crucial.The attorney can advise on the legal aspects of converting a cellar into a legal apartment, including zoning regulations, building codes, and the legalization process.The architect can assess the physical space, determine if it meets conversion requirements (ceiling height, egress, etc.), and create plans for a compliant renovation.The 2019 pilot program you mentioned wasn't permanent, and the high costs associated with it discouraged participation.

Here are some considerations to help you make an informed choice:Risk Tolerance: BRRRR projects frequently include more risk, particularly in the event that the refinancing fails to recover all of your money.

I am taking in school districts and overall convenience into consideration but don't know what else.

Your title implied that you might not do that step.To your question, I think the first factor I had always taken into consideration is: do you live in the house?  

I have one property for sale right now just because i want to diversify into another opportunity outside of Real Estate and home price is up considerably from where I purchased it about 5 years ago. 

We mostly operate in Seaside Heights, NJ, which is a beach town that is tourism driven.

@Jared HottleThanks Jared, I appreciate the list of considerations.

., University Heights, Ohio (Cleveland Metro)Neighborhood Rating: A-Purchase Price: $153KRepairs: $65K (completion expected by May 1)Expected Total Investment: Approx. $225KProperty Features:First floor: 2 bed/1 bath, potential rent $1,200Second & third floor: 4 bed/2 bath, potential rent $1,500Separate utilities and heating/central AC systemsInitially, I projected over an 8% cash-on-cash return.