I can easily get to that amount on a 3 day project.

@Ryan Cousins it's really going to depend on YOUR analysis/projections of what you think the property will be worth in the future.You'll want to compare that to any capital gains tax-savings if you sell now.

I’m curious, what’s been your most creative or successful rebranding project?

An appraiser likely won't be able to value a 1-4 unit property based off STR rents (whether projected or actually incurred), and if they are, the lender won't lend off said valuation for their applicable value (value they're lending off of). 

Ideally a HELOC is used for less then a  year project where you can refi or sell to pay back the HELOC. 5 years is a long time, things can happen and if you reduce the cashflow on both properties you'll be increasing the risk and having thinner margins.

In addition to this, I've had 2 clients this past year tell me they used Airdna in '22 and '23 to see projected and estimated income and was drastically different than actual income made with very comparable properties. 

Its current projections are to bring in between 150k and 180k with estimated costs of 60k.  

We’re based in the area, so I am always curious to see good projects!

I have a close associate with a large project there and the local banks have turned off the spick-et on funding his developments and these are very large multi thousand acre deals.

I’d love to hear more about the project and your experience with selling new construction.