Quote from @Paul Azad: Real Estate math is annoyingly confusing as syndicators like to use all sorts of different numbers from MOICs to IRRs to AAR-average annual returns to anything else they can come up with to beneficially inflate their numbers for marketing purposes and to avoid the only metric used when investing in all other asset classes, the CAGR- compound annual growth rate, but it's easy to convert, like pounds to kilograms.Here you have 100% in 5 years or 20% AAR, or 2.0 MOIC, you take the MOIC or add 100 to the total return 100%+100% = 200% = 2.0, then you do an exponential equation (x to the Y) with x=2.0 and Y= 1/time in years, so 2 to the 0.2 which is 14.87% that's your CAGR {calculator will have an x to the y button for ease, 2 x/y .2}for example, sp500 just returned 254% over last 10 years, so add 100 so MOIC = 3.54, then to the 0.1 for 1/10 years and CAGR is 13.47%now you can compare returns from syndications to buying VOO or QQQ etc We had a third party track record verification report done and the company who does these (do them alot for mutual funds etc) was asking some of the most basic questions that I thought were no brainers - so I asked - "what are the other ways to calculate these things"?

The Value add of 2 bed with a den being able to be converted into a 3 bedroom.

In Indianapolis C to B class neighborhoods I have rarely seen insulation upgraded on rentals especially doubles that have never been owner-occupied.  4th air gaps,  poorly fitting windows, and doors can be easily corrected with proper caulk and weatherstripping (usually).

.🔹 Step 13-18: Exterior Structure (Roof, Siding, Windows, & Doors)✅ Fix or replace the roof—leaks = problems.✅ Replace or repair siding to keep moisture out.✅ Install new exterior doors & windows—huge for security & curb appeal.✅ Repair exterior trim & fascia—small details make a big difference.Pro Tip: If you’re working with a tight budget, focus on structural integrity first.

., there’s a strong chance you could legally convert to a two-family.

VA offers renovations loans as well to renovate or repair things like roof, convert garage to bedroom, adding sqft etc.

Quote from @Jeremy Dugan: Good morning BP,I am working with a potential off-market seller who wants to off-load their converted motel (8-units, 1 is the motel office that can be commercial space) as they retire.

Your best bet is a property on water and sewer in a non HOA community and either convert the garage to an ADU or Build a separate ADU .

You can convert to a third rental down the road if that day ever comes.

For less than the cost of ONE lead, you can get a high-converting website going and get your own leads.