It does create  some competition  but just  see what  the amenities are that the complex is offering in comparison to what you offer with your units such as on-site washer and dryer, dishwasher, garbage disposals...etc.

Here a value add asset will trade around an 8% CAP on actual rents, but people like to try to price them on pro-forma rents as if they were repositioned which personally I think is garbage.

I live in Portland, OR but it's close to impossible to find cash-flowing deals here, so I'm looking at paying my father in law to manage these properties.Triplex:- Fully rented for $1,500/month- 972 sf + 972 sf + 564 sf- Owner pays water/sewer/garbage (avg. $70/month according to utility co.)- Remodeled within last 5 years.

, insurance, water, sewage, garbage collection.I know you're excited, but slow done and figure the costscarefully.

Properties interior (call the antique dealer first"$$" the junk dealer that thinks he's and antique dealer"$$", then pay a hauler -Paid $150cleaned and hauled all junk in 1 day.Exterior: cut the lawn your self, remove garbage, junk car guys, scrap etc.Window and doors boarded up if needed…I even bought a power washer (siding/brick, block, concrete driveways and asphalt)This whole thing ends up looking similar to a short sale package.All this will garn u an extra $1000 -$3000 or so after costs....Or u can find them, sign them and throw everything against the wall and see what sticks…and make a grand or less….I believe in creating value and being of value..Just my 2 pennies, what do I know…Guru_Wanna_Be

So yeah I don't like spending a lot of time regurgitating my criteria knowing that less than 1% of those conversations will result in even seeing a prospect.Now for that 5% that sends me mostly garbage I will look at their deals and try to teach them why they don't work.

There are so many properties available in the Rochester area ( a lot of garbage ) that you can likely find a similar property without so much needed work.

To give you an idea how one city I invest in does it, they tie the garbage service to the water service and state that "Garbage service is mandatory at any occupied residence and billed as long as the water account is open."

(Money lost) He came back with some garbage excuse and emailed me the Zillow comps and then said he could only buy it for $12K.

Garbage in garbage out...