Labor/material are going to be different and need to factor that in4) new roof, new HVAC, new water heater, ac panel, replacing plumbing to PVCThese are very variable, if you are getting this from a licensed guy to do it and unlicensed.. is it a big shop or a local shop doing it, is the GC doing it they will put some money on the top so it will be more money5) framing (creating new bedrooms or baths)I would get all these quoted from a good couple of licensed guys and unlicensed to know your numbers to cents

No extra fees added for repairs, I'm allowed to contract my own people via the PM to do services(HVAC, lawn, water heater, etc.)

Improve the grade if water flows toward or pools near the house.

Why pay rent when your landlord gives you free housing, free maintenance team, free mortgage, free electricity, free water, free trash?

You mentioned that you've been paying water / sewer for all 4 units. 

I am confident that the 3 water heaters and 3 HVAC systems I put in place since Summer 2024 will give me some peace of mind in 2025 and beyond... for those properties.

ON the more risk type product we do land speculation and Land entitlements but the returns blow most any cash flow at the the same dollar amount out of the water..

For sure PG&E requires this for gas and electric, and I think most jurisdictions require it for water and sewer as well. 

I generally agree that buying SFH as first investment is an easy way to test the waters; however, if you’re set on REI I suggest buying a duplex or quad.

My clients appreciate that. 10 years ago, people used to offer you lunch, drinks, etc. no one even offers a glass if water anymore.