Hi there, if you're open to holding onto the property, converting it into an Airbnb or short-term rental could significantly increase your cash flow, especially with the current demand for rental properties.

Our auto coverage is now at an increased level so if this happened today it likely would not result in any involvement of the umbrella policy. 

I would also recommend increasing your liability coverage to at least $2M.

However, investing locally has become increasingly unfeasible and unrealistic due to the high costs.

NYC property values are increasing at or above the national average (4%).

If Oak Park allows STRs, leveraging that history could make the property stand out.That said, unless the home has been preserved as a landmark or has unique historical features, the value boost may be more about novelty than a significant price increase.

They'll tap out in 3 months, max.Rates can increase.

You haven't seen it, but you know automatically that that you can increase the rent by $25K a year?   

When the ROE is significantly smaller than my CoC return (based on initial investment) I know it's time to make a move to increase the velocity of the money.

**************************************************************************Insurance premiums of American homeowners rose last year, with rates increasing by more than 20 percent in six states, according to a recent report from S&P Global.In 2024, insurers raised rates by 10.4 percent as of Dec. 27, which followed a 12.7 percent hike in the previous year, according to the Jan. 21 report from the company.In total, 33 states saw premiums climb by double digits last year, with the largest spike seen in Nebraska at 22.7 percent.