Relationships are key in this industry.4.Analyze Markets: Whether it’s your local area or out-of-state, study the market’s potential for growth, rentability, and appreciation.5.Take Action: You don’t need to know everything to get started.

Record the fair market value before and after the flood, and subtract any insurance or FEMA assistance.

That being said, I completely understand your points, and you’ve got me thinking about whether it’s even worth trying to keep a property with such a high monthly deficit.I’m also very open to exploring other markets that could offer better returns, especially in multifamily properties.

I like to hand-deliver it and set an appointment for my first inspection so I can start documenting the condition of the rental from that point forward.

Since the tenant started renting, the market rate for the rental property has increased significantly. 

I understand these numbers can vary depending on financing, market conditions, and other factors, so I’d appreciate any insights based on different scenarios:All-Cash Deal: If this were an all-cash transaction, what multiples or IRR would you consider acceptable or ideal?

Kansas City is a great market for real estate investing! 

Let’s discuss how it’s shaping the market!

If you want to network or ask specific questions about your local market, go to your local real estate forum and connect with investors from your area: https://www.biggerpockets.com/forums/86-local-real-estate-networking5.

Right now in most markets across the US, it's tough to make a new development like this pencil out.