Each one with separate addresses and utilities.We originally put $585k of our own money into the project, and by the time we were ready to go to market in 2023 we were into it for about $2M (the pandemic really threw a wrench in our timeline and costs but also greatly increased the value).

Since then, we've analyzed at least 75 deals across multiple markets, developed our buy box, and choose a strategy that aligns with our goals.

Every where you turn there are STRs going up on the market fully furnished because they couldn't pay the mortgage and bills with the rental income. 

RE isn't the stock market. 

This year I may see if if I can get a construction loan to build 20-30 apartments, then refinance with an asset based lender. what markets?

They are going to have a pool, possibly hot tub, maybe a snack bar, and be beach front. at least comparing to the PCB market, most houses in comparable prices to condos dont have those things and are not beach front.

Value: I am paying current market value. 

The original six month tenant I had extended the lease 9 times and stayed a total of 5 years, paying me about $15k over market rent annually.  

Strong Potential for Long-Term Capital AppreciationGermany's real estate market has demonstrated a strong track record of capital appreciation.

I think it's very dependent on the property and market.