Appreciation is just the cherry on top.The last few years Toledo somewhat caught up with appreciation but I believe we are capped now.It's a slow moving market and always behind the rest of the country.There is just not enough demand/infrastructure growth like in other markets to support continued appreciation.Historical data shows the Toledo market appreciating at the pace of inflation which is nothing to brag about hehe.IMO, it's a cashflow play and you should consider building a larger portfolio because it will be safer.Owning 1-2 properties can be a "hit and a miss" and really not the providers or PM's fault.There is a high likelihood of turnover so it's important to build a larger portfolio.If you experience "drama" on 1 or 2 properties, the other 4-5 are performing and can subsidize any losses incurred on the few that temporarily aren't performing.Wishing you much success

I turned this into a rental last year when I had to go back into the office full time.

Last project we did, it was 16k for water meter, $26k for underground electric meter.

I also bought a new primary residence last year and have been house hacking it.

I like to look at the historical submarket cap rate over the last 20-30 years and compare to the current spread.

Last thing you want (in my opinion) is to have some sort of hard feelings due to mis communication.Hope this helps! 

But with showing minimal taxable income over the last 2 years, it's now hard to qualify for any type of traditional bank refinancing.

Over the last few months, I've received a handful of genuinely stupid offers. 

A lot of out-of-state investors from the east and west coast are investing here due to the crazy growth over the last 3-5 years.

As others have commented - DSCR Loans tend to be a great solution for people in your exact scenario - fed up and tired of giant hassle and paperwork for conventional or bank financing - not worth the often pretty small benefit in rate or terms.Check out this article I published last year on BiggerPockets on what to expect documentation wise for DSCR Loans - they have become a nice blend between solid underwriting and doc sets needed, but not too much (and not too little like notorious "no doc" loans)https://www.biggerpockets.com/blog/what-documents-do-you-nee...