SHF are possible budget-wise if I go farther out, but that move would have a bigger impact on my own quality of life while I'm living in the space.

You could probably afford $20,000 without much impact on your budget.

**Safety Upgrades**: Installing security systems, fire alarms, or sprinkler systems ensures tenant safety and compliance with regulations.Understanding and budgeting for these capital expenditures is crucial for long-term success in multi-family property investment.

One thing to look for is whether the units are separately metered for electric - if they are then the conversion was probably done above board.As far as location thats going to depend on your budget.

Leasing, property management, tenant billing, lease administration, finance, capex budgeting, etc.  

It also matters what budget tier you exist within a market - like the $ - $$$$ for restaurants, we intuitively understand the general experience and price point based on those dollar signs.

Hi Jagger-Great question.I am a fellow Michigander from Ann Arbor.Nothing against Maine but the Midwest has seen some of the strongest rent growth in the country.When I consult with my clients, if they don't have the budget for a market like Ann Arbor, I direct them to Lansing, MI.The cashflow is strong, the economy is stable, it is the State capital so there is always economic development creating new jobs, the price point is relatively affordable because the cost of living is lower there, and appreciation is predictably linear.I also advise investors to buy duplexes and up so you always have a rent check coming in most of the time if you have a vacancy.

For every project, create a thorough budget that includes the costs of purchases, renovations, carrying, and sales.

Scope of Work:Initial Assessment: Our team conducts a thorough assessment of the property to evaluate its current condition, identify structural issues, and determine the scope of renovation required.Design Concept: Collaborating with architects and designers, we develop a design concept that blends contemporary elements with the historic character of the row house, maximizing space utilization and optimizing layout efficiency.Structural Repairs: Structural repairs and reinforcements are undertaken to ensure the integrity and stability of the building, addressing any foundation issues, roof leaks, or structural deficiencies.Interior Renovation: The interior of the row house is completely renovated, including the removal of non-load-bearing walls to create open-concept living spaces, installation of new flooring, upgrading electrical and plumbing systems, and installing energy-efficient fixtures and appliances.Kitchen and Bath Remodeling: The kitchen and bathrooms are transformed with modern finishes, custom cabinetry, quartz countertops, and high-end appliances, creating functional and stylish spaces for daily living and entertaining.Historic Preservation: Special care is taken to preserve and restore original architectural features such as exposed brick walls, decorative moldings, and hardwood floors, enhancing the property's historic charm and character.Exterior Enhancements: The exterior of the row house receives a facelift with fresh paint, repaired masonry, restored windows, and landscaping improvements, enhancing curb appeal and contributing to the overall aesthetic appeal of the neighborhood.Quality Assurance: Throughout the renovation process, our team adheres to strict quality control measures and standards, ensuring that workmanship meets or exceeds industry best practices and building codes.Finishing Touches: The finishing touches, including interior decor, lighting fixtures, and hardware, are carefully selected to complement the design aesthetic and create a cohesive and inviting atmosphere.Timeline and Budget:The single-family flip project in the Philadelphia row house is estimated to be completed within [timeline], with a budget of [budget].

search for Henry Clark, he has all the steps you need to verify demand in that location, your costs to demise may be much more than your budget, I doubt the state is going to give it away.whats the zoning?