Purchase price: $932,500 Cash invested: $450,000 20-unit building converting from LTR to fully furnished MTR/STR.

My wife and I have moments where we think maybe we should just cancel this but then we get excited about the new adventure and path it could put us on if we do move forward with this.

If there isn’t significant equity capture at this purchase price, and it’s not in a great location, this would be a pass for me.

Wage growth is still running at over 4%, above core inflation.This permeates to all workers, including the construction trades, and thus, to the price/cost of homes.

That said most folks have price targets and if large complexes are conceding 1 or 2 months on the 1st year lease, itll put downward pressure on your rent to some degree. 

What are the costs for the value adds, the expected hold time, and the expected sale price? 

If Oak Park allows STRs, leveraging that history could make the property stand out.That said, unless the home has been preserved as a landmark or has unique historical features, the value boost may be more about novelty than a significant price increase.

It should include details like the purchase price, property description, and terms of sale.

Getting that first property is exciting—and yeah, NYC is no joke when it comes to price of entry.Honestly, a lot of people I’ve talked to in your shoes end up finding better opportunities just outside the city.

And at what nominal price compared to the $24mil they paid in 2019?