Here's why:Philadelphia offers a diverse real estate landscape with a mix of residential, multifamily, and commercial properties.

I have not seen any statistic on what percentage of the tenants that did not pay during this eviction moratorium ended up paying the back rent but believe it is a very small percentage (unbeliever <5%).  

Chart is from FINRA data on their Margin Statistics page. 

The landscape wasn't in good shape so had that redone.

This is a staggering difference to the RE agent landscape where vast differences in knowledge and performance seem to have almost no effect like the consolidation effects you can observe in almost any other industry. 

I manage all vendor payments via credit card with dedicated credit cards via Baselane for recurring vendors like landscapers, cleaners and hot tub maintenance.

Paint, flooring, landscaping, some new appliances, fixtures, hardware, etc.  

Our improvements included updating the interior finishes, improving the landscaping, and ensuring the home was move-in ready.

The main house is completed and as far as labor, I spent $40,000 on just labor and that includes everything from full gut demo to finishes.We are talking about a 4BD, 3BTH two story 2400 ft.² home with a bonus room.This was a full gut job, replaced…12 Windows (new construction)2 sliding doorsTook out all carpet throughout.Took out this ugly 2” thick tile from half of the downstairs portion.Removed popcorn throughout the entire houseTook one wall downA little framing workReplaced entry door 80” x 92”Drywall patchingSmooth drywall work50 recessed lightingAll electrical neededAll plumbing neededNew cement walkway instead of one walk to the front door I created two steps with two lights in each step.Install kitchen cabinets, excluding countertopInstall all three vanities3 bathtubs with one being a modern standalone tub in the masterAll tile work (bathroom wall & floor, kitchen backsplash)Installing of all hardware, faucets, showerheads, etcInstalled 8 single panel doors with hardwareAdding self-leveler after tearing out that thick tileNew LVP flooring throughout the entire house except bathrooms,all baseboards, trimsPainting the entire house, painting all the doors, painting the outside trim.Reframing the outside balconyReframing the fireplace to install new linear modern electrical fireplaceand they took care of the two trash bins.I mean, completely redone.The only thing that was not included in the $40,000 is landscaping, counter top cut and install and of course the ADU which I’m currently working on now.So my question for my fellow investors and contractors did I pay too much?

This is just the normal operating costs, never mind the big things that come up occasionally with capex like when you have to replace a major component (furnace, water heater, sewer line, driveway, steps, deck, windows, roof, doors, siding, landscaping, etc,) and it costs $10-20k.