This helps keep me out of hot water with fairhousing. 

We fixed the foundation and the flat roof issues with pooling water, and rents didn't meet the mortgage just yet.In 2023, we finally started to cash flow.

Are you in a market where water lines could freeze in the winter if there’s no heat?

I also see your point about avoiding bargain basement properties, especially insofar as tax shielding is easier with an asset of a reasonable size.Your point about barriers to entry is also interesting, since I suppose those barriers can be geography (natural boundaries of mountains/water), but you're probably referring to that which impedes future construction?

so i'll throw out my standard cold water.

Licensed with permits ~$4,000.Full replacement of all water supply lines and shutoffs from the interior water meter with PEX and an open basement.  1 kitchen 1 bath 1 laundry. 

New payment is 4150 including taxes and insurance 80 waterHot water bill is 125Rents 8350Very happy with my first BRRRR

Granted this was on plots of land I didn't pay for, and that are already connected to the city's water and sewer, so there's a lot of savings there, but I'm hoping if it turns out to be this good of a deal I can still scoop up land and keep going

The issue I see is smart contracts/tokenized real estate and traditional real estate investors is like oil and water.

If they suspend/lose their license, they're dead in the water.