Here's why some choose bricks and mortar:Tangible Asset: You own a physical property with potential for appreciation.Leverage: Use debt (mortgages) to magnify your returns (not possible with stocks).Passive Income: Rents provide a steady income stream (dividends are not guaranteed with stocks).

what made you choose it over BRRR, or fix n flip?

The cool thing is you have multiple strategys and just because you choose one, does not mean you cannot switch to another one - maybe one fits your short term goals and another one helps down the line with long term goals.

but say in year 2 your tenant moves out and it needs new appliances and new paint. 

When you take all five together they should paint a picture, but I also mentioned your gut is important (not your emotions).

Took soffits down (whoever invented soffits should be shot if not dead), new flooring, new paint, new roof (thanks hailstorm), refinished the deck.

At this time in the project, is it possible to take out a loan against the property in order to buy a great investment which would be a patch-n-paint and could become an awesome rental?

Here are the numbers:Purchase price: 300k @5.5% (might be able to negotiate new exterior paint job credit)Monthly costs: mortgage- 1703 tax-245 (2933/yr) insurance- 167Market rents are 1600$ easy for both sides as is but currently being rented at 1410 and 1325 tenets pay all utilities (separately metered)Planning on putting aside 20% of rents for Maint, vacancy, capex and will be self managing property.

Many investors who are in a similar position in my market (another HCOL/tenant friendly area) choose 1 of 3 options.1.

I have seen this in Milwaukee too many times, the only way to make it work is VERY hands-on.If you end up renting it in March for IDK net $200 the property will have lost a LOT more in the next 12 months just in condition vs what it looks like now (assuming that it is freshly painted?