I would like to do some research on other rental properties before I set my priceComputer algorithms are good for studying a general market, maybe even a neighborhood, but they are terrible for evaluating a specific rental.

With your background in lease management and site selection, that could be a natural next step.Regarding STRs, I can understand the hesitation—accurate expense tracking is critical, and not having that data can make evaluating deals frustrating.

You can easily look them up on https://nmlsconsumeraccess.org/If they are a commercial lender, you may want to check for google reviews

Wish you the best.If I was you, first step is evaluating costs associated with doing MTR and comparing with potential rental income to see if it makes sense to do LTR or MTR.

This is a significant risk to the other two parties that are bringing the deal and the money when they could just as easily hire a contractor and keep the equity for themselves. 

It's crucial to evaluate how the deal performs with the new mortgage:Updated Financials After Refinancing: Market Value: $250,000 Mortgage Amount (80% LTV): $200,000 Equity: $50,000 Interest Rate: 5% (30-Year Amortization) Assuming after 12months the rate will drop from 6% to 5%Monthly Expenses: Mortgage Payment: $1,074 Property Tax: $260 (4% Adjustment from last year) Utilities: $309 (+3% Adjustment) Insurance: $104 (+4% Adjustment) Vacancy: $105 Repairs & Maintenance: $105 (now after 12 months we can assume we have repairs at 5% factor on annual rent) Total Monthly Expenses: $1,957Rent Income after 12 months assuming annual rent increase at 5% : $2,100Cash Flow: $143 per month 😊Year 2 Return on investment $2,951 Principal Paydown year 2 $20,000 Property Appreciation (assuming 8% per year) $1,720 Yearly Cash Flow (this will increase as rents rise) $50,000 Initial Equity Total Gain $74,671 with just $ $22,789 remaining in the deal. 

You need to evaluate the HOA and its management, with a focus on the reserve account percentages.

I’d love to hear what you prioritize when evaluating multifamily deals.

I'm an experienced project manager with hundreds of cradle-to-grave efforts under my belt, including building project scopes and budgets, evaluating contract proposals, and managing construction to maintain the delivery of high quality products on-time and in budget.Penny is a licensed clinical social worker (LCSW), serving the community mental health needs of parents, children and families.We both recognize we have an immense opportunity to serve our community and want to capitalize on the blessings we have been provided so that we can continue serving our neighbors.My wife, Penny, and I are looking to transition into commercial multi-family real estate in 2025.

Can easily get a 20% referral fee just for sourcing and handing off that lead.