It has been rehabbed and transformed into a 3 bedroom house.

If it's anything like the small town theatres in my part of Oklahoma it would need a lot of work to be transformed to an apartment complex and that's only if there aren't zoning restrictions.

But we should also remember that exurban areas got clobbered in the 2008 collapse, and we are definitely having another correction in the next 2-5 years.The Albany area could be interesting, because it has arrested its population decline and the state is investing major resources in transforming the area into a nano tech hub.  

Profit First: A Simple System to Transform Any Business from a Cash-Eating Monster to a Money-Making Machine by: Mike Michalowicz5. 

Having a friend move in with you didn't transform your property into an investment property.

We'll use these materials along with rustoleum cabinet transformations to make big improvements to 3 or 4 apartment  kitchens really cheap.If you are doing out of state investing and paying for management and professional repairs, I think you are looking at 50-100/door max when you figure in REALISTIC repairs and capex--- especially if you are building up slowly with single family homes.

We thought it might be a good idea to convert the thread into something more digestible, so we pulled out all the questions from other users and transformed it into an ebook that we're offering for free to all members of BiggerPockets.

It is hard to argue with Gill's success in NuLu, and the opportunity to get in early on the potential for such a significant transformation for an area is definitely exciting.I agree with Marina though and will not be investing there anytime soon.  

A middle class person, he has some potential to get deals, but his real estate investment won't transform him to being rich(100 dollars to 3,000,000 million in three years)?

It is in a B- part of town that is quickly transforming into a sold B and potentially a B+ in the future.The asking price is $560,000.