@Jaycee Greene I think she said the purchase price was going to be around $380-385k plus an additional $50k for renovation.

Investing in a property that’s already renovated, rented, and professionally managed could allow you to start generating passive income immediately without the added expenses of house hacking.What’s most important for you in this first deal—cash flow, appreciation, or long-term stability?

A good realtor that has done house hacking, renovations, off market deal finding, and owns these types of properties as well would be the perfect mentor.  

If they don't show up, projects get very delayed and become unprofitable, even costly.

VA Cash Out refi's must demonstrate a Net Tangible Benefit to the veteran, strictly defined by VA, to do one of the following: eliminate PMI, reduce the rate, reduce the term, reduce the payment, increase residual income, renovate or repair your primary residence, convert from ARM to fixed rate, or stay below 90% LTV. 

Compare this to other hard money lenders to ensure you’re getting a competitive deal.Reputation: Before working with any lender, it’s crucial to check reviews, reach out to other investors who’ve used them, and potentially even meet with them in person.Experience with BRRRR: If possible, find out if they have experience funding BRRRR projects specifically.

I’m looking to invest in nearby areas, focusing on fix-and-flip projects and new ground-up construction.

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

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!

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.