Store’s biggest tenants include the AMC Entertainment movie theater chain, an Applebee’s restaurant franchisee and an Ashley Furniture HomeStore franchisee."

I recommend you budget 5% of the gross rent (for the whole place, even what the rent would be if you were living in it as a tenant) for repairs and 5% for capital expenditures.

Eliminate debt, establish a budget, and save.

I'm paying a little out of pocket budget-wise to cover costs in return for appreciation and equity built mostly from other sources.

I would slow down and think about your BUDGET, what you can get for $30k, and how you can increase your income.

If you do it right, it’s arguably the best market to invest.Purchase: $80k-$130kRent: $1100-$1500 (no rent control in MI)1% rule: .9%-1.4% rule dealsCoc ROI: 4-12%Total ROI: 20-40%Cash flow: $50-$250/door (after all expenses and budgeting for maint, capex, vacancy)Appreciation: 3-10%+ (has been double digit for a decade)Location: C+, B-These numbers are based on the “sweet spot” in Metro Detroit.

Budget these carefully into your overall project plan to avoid surprises.Rehab Budget: Ensure that bids are received from multiple contractors and that adequate reserves are made for cost overruns.ARV: Be conservative on your ARV since the appraisal concerns one person’s opinion.

Over-budgeting is critical to ensure that renovations don’t eat into your profits.Market Fluctuations: If property values in your area do not appreciate as expected, or if you face a market downturn, the amount you can refinance for may be lower than anticipated.Financing Challenges: Securing financing for the initial purchase and rehab, as well as refinancing after the property is rehabbed, may be challenging, particularly if the property is located in an area with fluctuating values or if the rehab work doesn’t immediately improve the property’s appraised value.Tenant Risk: Rent collection and tenant management can be unpredictable.

To me:  OTM is an entertaining news show when it’s Kathy, Dave, Henry, and James discussing headlines.

I will tell you he did a great job because very little interior re-work was required - but it was a substantial hit to the Reno budget!