This not only eliminates dependency on third-party property managers, but also provides greater control over operations and assures continuous quality management.While the best threshold for in-house management is between 80 and 100 units, I recommend that investors focus on properties within this range for effective operations.

So unless you need extensive work to floor plan, which changes load bearing walls, etc, then I would say, the renovation will likely be slightly more cost effective, still put you closer in rent to new construction, and provide a low maintenance property for years, given everything will be new eitherway.

I’d love to hear insights on how to navigate these challenges effectively.

But it's a compounding effect. 

As you may know, effective January 1, 2025, the Section 8 voucher payment standards (VPS) in many zip codes in the City (and County) of Los Angeles were reduced.

Brie Schmidt Zdravkovic and Bob Floss have a video discussing the challenges and effects of this ordinance including how it has impacted the DC market since the 1980’s.

As a result, my bill has effectively risen from $500 bi-monthly to $700 monthly since the pipe replacement.

In PA, the tenant may waive notices in the lease, so all of our leases have a clause to that effect. 

They originally made it effective immediately and we got them to extend it till March 1. 

This is one of the most effective strategies for starting out because it allows new investors to build confidence, raise capital, and transition into long term deals.