It is hard to suppress that passion.

At the end of the day, your looking for that property that has deferred maintenance, thus suppressed rents, which normally means they are siloed from the market inflation till the very last minute before the market rolls over.

@Jeffery Waicak  In my town, you can't have more than 5 unrelated people living in the same house under the normal rental property rules.  6 or more with with a full time staff member falls into another category and might have some requirements you didn't think of, like a fire suppression system. 

A local fire suppression company can recharge them however these type with plastic nozzles/necks can only be recharged and re certified for a certain amount of years (10 or less)"I will be calling the fire department tomorrow to have a conversation with them.

Fire suppression in the furnace room.

Hi @Philip McTigheThe info from @Dana R. is great - I would be sure you add a couple more items that some people I find tend to forget on your rentals: Cable TV and Internet, not always required, but they are a great help to making your units more marketable.Also I found in my research for one market I am in, if the property has not already been zoned for a nightly rental you have to get that approved by the city, and they also require a fire suppression system (sprinklers) be in place.

Everyone on who currently lives there was either a direct participant in the program or is some how related to someone who currently lives there.I've spoken with the current property managment company, they recieved strict instructions to keep rents suppressed.

They are usually in areas with a higher concentration of investment properties and investors tend to suppress the pricing market (go figure... everyone wants them cheap.)

Will the added units make the building call for fire escapes, and fire suppression equipment, or ADA upgrades, or an elevator, or upgrade the whole place to 2023 Electrical code or etc...Is there enough electrical amperage at the service entrance for the added units or will you need another drop or a transformer or something like that.Will construction noise drive other renters to not renew (???)

We can all thank the Fed for suppressing interest rates for so low for so long.