This will both kick the gains down the road, move them to capital tax rates, plus reduce your living expenses dramatically.  .  

That protects us on dramatic increases, but it would be unlikely that much would happen during a 4-6 month build time.What kind of wait lists are you experiencing?

Not all 401k loan terms are the same and vary dramatically so it is important that you become very familiar with the terms and fees/penalties of your loan.

Shortly after acquiring this property, I stucco'd the outside which dramatically updated the look and feel of the property.

The value of the properties have increased dramatically and I want to get the most use of the equity in the properties.

Since the regulated buildings may wind up in disrepair in general, it will cause more people to reconsider renting regulated apts and consider paying higher for well kept market rate apts.This will just increase demand for market rate apts.This is an easy lesson for any Investor in NYC properties to take into consideration.However, if the price of these rent regulated buildings should fall dramatically to correct for the lack of future income growth, it may be attractive as an investment after the price adjustment.Basically, if you were buying buildings that were rent-regulated and you overpaid because you did not considered the future of rent-regulations, it's time to understand that you have to take future politics into account if you were to do it again.

Here are some examples:  (1) Town of Gardner, MA: Price Chopper added a location and anchors a shopping area around downtown & Super Wal Mart came in a little beyond the downtown area, those came in about 8 years back but it took about 5 years for property values to start appreciating dramatically, (2) Town of Athol, MA:  World's largest Hobby Lobby, Starbucks & an IMax along with a really nice Market Basket (regional supermarket), property value went up BUT it took a few years for a noticeable change and sales are still really choppy because the town itself is very remote.   

A few lender friends of ours have indicated a dramatic increase in cash out refinance business the past two weeks

The low end investment types are exact between us both, street by street, block by block changing values dramatically.

That being said Point Breeze has been ‘coming up’ for the last 10+ years so I wouldnt put a huge emphasis that rents will dramatically go up in the next 3 years (if I were to go out on a limb).