Yup this is right out of the Sub Too guys play book. 

Redeveloping into mixed use live/work/play projects has been the most common proposed solution the past few years in my area. 

When you go to sell, Montvale requires a certificate of occupancy so this issue has to be resolved in advance of a sale.Although I am not a lender, I assume you will not be approved for an owner-occupied mortgage on 5-units if it is a legal 4-unit without some type of mortgage fraud whether in reported rents, units, or another legal document or representation (very very large issue from a legal perspective with multiple arrests in the last year for anyone playing fast and loose).As far as the DCA, I would recommend coordinating your work with the city with the DCA.

As you discover opportunities, continue looking for the longer play!

It’s stable cashflow and long term appreciation and tons of accelerated bonus depreciation on taxes. like most anything in real estate it’s a long term play. 

Depending on what you want to do and what role you want to play, would depend on how you should go about it. =)

I would only consider Decatur for a cash flow play, not an appreciation play.  

Not a single one of the properties I was under contract for made any sense once the massive price increases were put in play.

If first time home buyers are having a difficult time coming up with the funds for even the costs to play as a first time home buyer then are the non profits supposed to pay the buyers agent commission too? 

@Brady Ascheman To make the decision strictly from a Property Management standpoint you have to calculate your vacancy cost and cost to acquire a new tenant to know if a rental increase is even a smart play.