The garages will have 3% increases year over year once leased.

@Tony Thomas So, is the seller increasing their sale price in exchange for a 0% interest rate?

Unfortunately, Covid decided to change my plans, and I made the decision to hold off, in hindsight it was a huge mistake and no one could have imagined that property values could have increased at such a high rate.

A lot of lenders used to apply 35% for expenses, but in the last several years, the numbers for supplies, labor, utilities, taxes, etc… have increased significantly.Also take into account the age, occupancy and how has the property been maintained, this will affect the expenses too

Please keep in mind investors, not every deal that you place under contract will close - that's just the nature of the beast when it comes to investing. 

Ypsilanti township has increases from 10-20% YOY in assessed values.  

What this usually leads to is higher rates and lots of points, which increase the amount of cash needed up front.

Would the value of the remodel increase the rents or the selling price that would out weight the cost? 

@Mark Toweya couple things - from the seller's perspective, it means the seller doesn't have to wait the full 30 years to get the proceeds, and from the buyer's perspective, hopefully in that 5 years appreciation and maybe some updates have increased the value such that when you refinance you don't have to bring any additional cash.  

This is an okay fix for now, next step I am looking at checkbook control to increase flexibility.