It can add a couple of days to upgrade the panel and outlets to a week to rewire.

But there is hope... if you drive through the 4th ward area, you can clearly tell which properties are owned (single family homes with kept lawns and neatly decorated) and which properties are rentals (usually a broken window or two, falling apart porches, messy yards)... the closer to the single family-dense parts in the 4th ward, the better chance you have of getting a rental property that hasn't been laid to waste that you can purchase for a fairly cheap price. 

Consider property types, low down payment financing options, cash flow calculation, tenant screening, and property upgrades.

Please share your advise/opinion on a possibility to utilizing the space.I’m also thinking about upgrading the basement but not sure where to start.

You’ll probably need to budget between 1% and 3% of the rental’s purchase price per year to fix leaky pipes, busted doors, broken windows, and similar items.Then, you’ll need to budget for capex reserves.

At the end of the day, you probably should have just flipped the house (but then you probably chose rental upgrades vs. nicer ones so that you won't get as much on the flip either).

You are making a grave mistake by looking too far ahead right now, without capital, because that usually means you aren't focused on upgrading and securing your first asset.

To truly achieve higher rents, you often have to spend a significant amount upgrading units. 

The plan was to complete flooring, electrical upgrades, new kitchen and bathroom, exterior fascia work, and some new windows, with a target listing date of June 15th.Update (5/12/24):The property has been stabilized since June 1st of the previous year with great tenants in place.

Right now we use the "opt-out" language but we will more than likely be upgrading to take that out.