https://www.1031exchange.com/converting-property/

Please feel free to check out my profile for more details on the investment, but we were able to spend 1 year slowly renovating the apartments as tenants moved in and out, invested heavily into leasehold improvements (long-term fixed like HVAC, water heaters, exterior paint, property drainage, etc), converted month-to-month tenants to annual leases, and raised rents to market. 

Typically, during inspections of occupied homes, tenants/owners will not expect or want their stuff to be moved all over the place to examine every inch of the property.

It doesn’t show if you are looking at the reviews as an owner (that’s still 5 rating) but if you look at the properties as a guest, it converts it to a 10 point system.  

As a Cap Rate is indicative of the risk involved in owning the property, you want to focus on doing things that make your investment less risky if a bank ever had to take over.You can make your investment less risky by doing some of the following things:- Convert all month-to-month tenants to annual leases- Implement strict minimum rental criteria- Add security cameras- Make large capital and preventative improvements (fix drainage issues, install water pressure regulators, replace old HVACs...you get the picture)- Essentially, prove with action that you are caring for the property on a long-term basisThe only way this is effective is if you document everything you are doing as well.

., there are lenders who do fixed 30 year DSCR loans and some lenders who do a 40 year fixed term with 10 year interest only converting to a 30 year fixed for purchases and refinances. 

The rare Greek revial style of the home with 16 inch thick concrete and brick walls makes this a fortress.

How much on average per room could I expect for a hotel being converted into a multifamily with 1-bedroom units.

Second, look at converting to all electric. 

I'll stick to converting the half bath room into a full bathroom instead.