2025 is approaching fast, and I know many of us have already started our business planning for the year ahead.

Hi @Christopher J Driscoll I am doing something quite similar to your approach, my ADU permit should be approved quite soon, I am still waiting on my last LADWP clearance.

Start by joining local real estate groups, narrowing your approach to strategies like house hacking or multi-family investing, and building a team of professionals like agents and lenders.

Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620 (approaching 22% probability of default), many blemishes, but should have no evictions in last 2 years.

Given your financial constraints and the property's ineligibility for historic tax credits, this approach allows for reinvestment into assets more aligned with retirement account rules.For future real estate investments, you don't need an LLC for tax reasons.

Success comes from consistent action and patience, so keep refining your approach and scaling gradually.Good luck!

- This approach should be fine. 

My wife and I have never really followed the $$/sqft. approach because it's not as accurate.

The numbers may be 30-40% lower than today's cost, but the process/approach to estimating may be good for you to review.

We currently work with out of state investors and provide a full service approach which can be used by in state investors as well.When it comes to investing I'm currently in the process of closing on a partnered 4 Unit in Milwaukee WI.