Many of them barely hit the "1% rule".2.

Agree, it's doing nobody favors in my market; market rents here are barely enough to cover PITI in most cases when paying current valuations, not keeping pace with recent price increases. 

Today, we’re tackling insulation, drywall, and finally covering up those bare studs.

They've violated the lease, and the chances of them making a long-term change to become a decent tenant are slim. 

By the end, we barely broke even, and the friendship?

If your ARV is actually 380k (you would barely make anything).Finally, the question is how confident are you in being able to do the renovation for $100k. 

It’s not sexy like downtown high-rises, but the numbers work—steady cash flow, lower entry costs, and tenants who stick around.Take this: a rural county we’re in just saw a 10% population bump over five years, yet multifamily stock barely budged.

He also doesn't want to leave living with my sister and her kids either, but really can't afford to pay more than the $150/month that he's barely able to pay now.Both my sister and her father-in-law are very low income earners, and the house they live in is too much for her to pay for on her own.

If you think about it, total engagement is $4000: if you back out an estimated $1,500 for tax based on Taxstra's quote, that leaves you with $2500/year or $208/mo for bookkeeping, which is a great deal (for reference, our absolute bare bones minimum is usually around $400/mo, and that's if you don't have a lot of transactional activity.)

Quote from @Keith Mintz: Quote from @John Underwood: I don't know why anyone would take a chance on having a serial killer under their roof.