Quote from @Rob Bergeron: Guys, this Jefferson Coutny lead paint ish is going to be wayyyyyyyyyyyyy worse for owners than you understand.

Well, I wouldn’t go that far, people throw that word around too much these days but I would say they made a lot of promises that they haven’t kept and paint a very unrealistic picture with an extremely high pressure sales scheme that does a disservice to the vast majority of their students.

The property is undergoing a light rehab (new paint, new LVP flooring, new toilets, new kitchen, new vanities etc).

And they had taken the kitchen cabinets apart and burned them in the fireplace for heat.....I salvaged some and painted over the burn marks, didn't look half bad....ya can't make it up, right?

Literally all they did was paint the exterior brick white with some weird artsy designs and they called that a big value add. 

Replaced floors throughout, painted every interior space, new hardware everywhere.

It was heartbreaking when we’d send them leases showing rent was $550 from their POS rental after they were under the impression and “getting” $850 month from the “freshly renovated” rental from ocean pointe.

Also the majority of those costs to covnert to a 2nd unit will need to be capitalized and depreciated, but some things (new appliances, flooring, paint, kitchen cabinets) can be shorter year assets vs. across the full 27.5 and IF it turns out that unit is > 50% you can use bonus as well on those items.

New roof, siding, soffit, fascia, flooring upstair, repair fencing, yard work/landscaping, new flooring upstairs, new vanities, kitchen remodel, new paint job What was the outcome?

I see investors selling for $100k-$125k above purchase with full kitchen, baths, flooring, paint, etc rehabs.