I am mainly a buy-and-hold Investor for this reason.

We lived in a little apartment above the garage and rented out the main portion of the house. 

I just bought it in the fall and am trying to complete a bunch of modifications during off-season (e.g. metal roof, certain safety features, treating the deck, possibly updating the fire pit area, etc). 

I mainly want to ask if these assumptions are reasonable and if there's anything I haven't considered:(1) multifamily units in NJ close to New York City, ~$1,000,000, 20% down payment, (2) Using the following assumptions: 4% appreciation rate, 6.5% interest rate and 5.0% refinance after 5 years, $10,000 yearly maintenance fee(3) ~$6,000 monthly rental and assume 3% increase yearly with 5% vacancy rate(4) Based on the above, the calculated IRR if selling at the 10th year is ~19% (considering tax benefits) and ~17% (without tax benefits).

But the main issue has been tenant quality.

Though, my main goal is to be break-even or close to it in cash flow once a property manager steps in to take over. 

The main thing I see when coming across this is deferred maintenance.

ID=Wilmington-Main-Monthl...

- You only need main lighting and ambient bedside lighting.- Bigger area rug. 9x12 for King, 8x10 for QueenBedroom 2- Change location of TV to across the bedBedroom 3- This bedroom needs an optimized layout-If it’ll fit, scrap the bunk bed and do 2 twin beds along window wall with a table in betweenBathroom 1 & 2- Wall mounted blow dryer- Wall mounted body wash. shampoo, conditioner dispenserPatio- Scrap mini golf for fire pit seating for 6- Install canopy shade- Better design for photo-op wallOverall, great property, great location.

This will give you a baseline, I.e. own the Main St project same thing as this one, and it cost me all in $125,500 to do the full rehab.