None of my properties do, and the capital tied up in them continues to perform just fine.That said, it's more difficult to find a property locally where the free cash flow is better than, say, the dividend income thrown off by investing in a Blue Chip dividend mutual fund.If you're looking at small Multifamily properties locally and want a first pass "rule," I suggest using a GRM target of 12-14 as a first screen, assuming you're looking for a property that will throw off free cash flow with a 70% leveraged mortgage.If you want to more than basic long term buy it and hold it, you can do it.  

Saratoga is pretty prime, so if you're  cash positive, I personally wouldn't want to sell what will be an appreciating blue chip asset long term. 

If I were acting as a rehabber in this case, I'd be very concerned about the ability achieve the Chip/Jo look at a price that would allow you to make a profit by selling at market value when finished.  

Think chipped paint in a home old enough that some of the previous layers of paint might be led based.You should use this as an opportunity to become an excellent VA realtor.

Trust me tenants will chip or crack it or take a jack hammer to it lol.

.- Make sure you use formal, written leases and not just "Hey you can move in and chip in for the rent" casual agreements.

Plus if they manage to chip it (my tenants haven't) you can pop out the tile and replace it.

You'll notice if the paint is chipping and that's no big deal to fix.

I realize that much if not all of Hyndman is in flood zone so that chips away at bottom line. 

Logan Allec Hi Logan, thanks for chipping in.