Your NOI even for single-family properties is flat or falling because of the high supply and continually rising expenses (especially insurance, labor, and interest rates but those seemed to have plateaued).

You know it’s funny back when I was flipping in dc pre covid, I was always amazed at the prices and in the back of my head was like I cannot believe people are paying 800-1 million to be in a tiny rowhome in a frankly pretty rough area, now of course everyone who didn’t grow up here throught it was just was the way it was, but growing up here I tried to explain to everyone just how bizzare it was that the city was so much more than then the burbs, (from 06 on there were entire areas that went up fourfold, where as the burbs were kind of flat for a decade) I won’t say I saw dc’s crash coming but it seemed so unnatural to me having grown up in the area, I also don’t think we’ve seen close to the bottom as far as urban real estate, as you said you can still trade a house in the city for one in the burbs but really given how urban living is + remote works, cities should be significantly less than an equivalent burb.

He asked the right questions and I could tell he was serious, so I decided to team up with him, and we purchased this run down three flat, and gut renovated the bottom unit, while increasing the rent on the top two units.

Flat bonus?

And you're flat wrong about other things. 

The 100 year old C/D 2-flats are dreadful if you have to pay contractors, or frankly even handymen (unless you know enough to give precise direction).

Hi all,Does anybody have any recommendations for architects who are self-certified and specialize in Chicago residential properties including 2 flats (what we have)?

Do part-timers pay a flat monthly fee or something?

Right now its generally as little as 12.5 bps (1/8 of a percent) at most lenders so not really worth it.Regarding the terms you posted - I ran these through our sizing and they look in the ballpark of market, not much better or worse - with some assumptions, our pricing looks to be 8% flat with zero origination fee/broker fee and $1,000 underwriting for this scenario. 

Make sure those cost estimates are baked into penciling out the deal.