Fit my design aesthetic and target market better. 

Purchase price: $7,650,000 Cash invested: $1,200,000 We bought this property at under market rents and raised rents.

One thing I’ve learned in land acquisition is that the approach has to change depending on the market.

If not, you will have to have a significant marketing budget. 

A PM company who focuses on S8 definitely knows the ins and outs of the market.

In my area the number of properties on the market continues to be very small and prices remain elevated and I wonder if this could be a contributing factor.  

See properties sitting on the market for a long time, every market is different, my market anything over 30 days is a long time.

This was done to protect senior citizens on fixed incomes from being forced to sell their homes due to unaffordable property tax increases.Since the passing of this amendment, all properties in Michigan have two property tax values associated with them:State Equalized Value (SEV): supposedly equal to 50% of the market value of a property, not based on recent sales price.Taxable Value: the SEV annually capped as long as there is not a transfer of ownership.City Assessors are charged with determining how much property values have changed each year.

Even if you drop the rent $25-50 a month (assuming it is already at market value), have them pay the utilities.

They can sometimes hook you up with off-market deals and give you a good idea of the property’s ARV (After Repair Value), which is key to understanding your potential profit.