Materials have increased more than 20% in the last 5-8 years.

I like the cash flow and see the potential for increasing rents, but I’m hesitant about overpaying.

If you have a high level of faith in the company you are working with, then time will do what it is supposed to do and increase your IRR.  

In 2022 the rents increased 12.1% year over year which was the 3rd highest in the entire country per https://www.axios.com/local/cleveland/2023/02/14/cleveland-rent-prices.

But once I got the bills, I increased the rent with the tenant's approval and signed an addendum to the lease stating the rent increase would be X and the owner would take over utilities.

Also keep in mind as time goes on typically your yield will increase because of the rent growth. 

But if you can finance a home in an appreciating area make it breakeven and at some point (as always) either rents/nightly rates will increase, interest rates will go down, or both. 

Increased revenue and decreased parking demand allowed us to carry income-restricted units as well.We originally planned on spinning it out into a brand, but we never had the bandwidth to do so.Our largest hurdle has been education as most of our tenants are coming in to rent traditional units.Investors did not love it. 

If you have extra cash at the end of the month, then do double up payments on the mortgages so the principle is reduced and this will increase your heloc room.

About 90% of my coaching students bought properties and increased their net worth on average of $100,000 the year we worked together.