@Kyle LipkoRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

If substantial renovations or capital improvements are made in later years, those improvements may qualify for new bonus depreciation.3.

When a Class A apartment can be had for the same price as a Class B/C renovated unit, the B/C operator drops prices, and so on.But, in terms of making an investment decision, I think it is short sighted to rely purely on full market average data.  

I am lucky that I can and like to go to my properties and do most of the major renovation work myself.

You may want to adjust your criteria a bit and sacrifice projected cash flow for stability and projectability.All the best to you in your investment journey!

If you're open to rehab projects, North Charleston and Hanahan have value-add opportunities for appreciation.

Have your notified your insurance agent/company that you are no longer living in the property and that it's under renovation?

I think if you leverage 70% of it you’re going to seriously cut into your cash flow and personally if I was going to have $7M in debt I’d prefer it to be spread over several projects built slowly.

Renovated in 2023, annual gross rents $144k + utilities.

My accountant wants me to start doing this in the event of an audit being I’m starting larger projects and will be implementing cost segregation Thanks