Sounds like you put in a ton of work to maximize the value, and that basement addition was a smart move.I noticed you mentioned the NYC luxury tax and some of the rental pricing challenges—have you considered expanding your portfolio in markets where you don’t have to deal with those kinds of headaches?

Just some notes to consider based on what your unit is like. 

If you are self employed with no full time employees then you should consider a Solo 401k for your traditional funds and no UBIT on leveraged real estate. 

@Jim G.Per the International Residential Code if the glazing is less then 60 inches vertically from a standing or walking surface then yes it’s required to be safety glass as it’s considered a hazardous area.  

Hi Casey,It’s great to hear that you’re considering Detroit!

Also, for anyone who considered it but chose not to proceed, what made you decide against it?

I have a client in KC that has acquired 45 SFRs and is just now looking to buy MF properties.Two of the biggest things to consider when buying a commercial property (5+) versus a 1-4 MF is cost (e.g., the appraisal for 5+ is at least $2k-$3k) and the financing structure by lenders because Fannie/Freddie don't generally buy loans for commercial properties.So, for you personally, the biggest driver for the type of your next property is probably going to be the amount of a down payment/equity you can put in the property.

It’s also worth considering a multi-family property for your first deal since it can help with cash flow.

Multifamily is considered residential since people reside in the structure. it's part of contractors license law, our testing is on it and violating can and will result in punitive actions.

A few areas to consider for long-term rentals are Madison, South Huntsville, and the areas near Redstone Arsenal, as they attract stable tenants.Are you looking for cash flow, appreciation, or a mix of both?