I certainly know that future years the expenses won't remain that low, but wouldn't that be a reality on a property that has a lot of recent improvements?  

Hi Everyone, I own and self manage 2 of my own properties here in Western NC.

If you plan on living in the property FHA could be a good route to go.

I think too many people move on to property number two and three before property number one is really in good shape and later they regret it.

You've shared so many gems and described a realistic depiction of purchasing an investment property. 

Will you hire a property manager?

I took on some debt to prep the property and hope to pay it off this summer—our peak season with lots of river and swimming traffic.It’s a 3-bedroom that currently sleeps 6 (king, queen, and a queen sofa bed).

@Frankie Lotrec if you have an existing loan on the property and you plan to legally convert from a 4 unit to 5 unit , you should check the loan documents because you’d essentially be converting it to a commercial property, since 5+ units is considered commercial and subject to different appraisal approaches and so it would rule out the property being considered for purchasers utilizing residential financing.  

Purchase price: $35,000 Cash invested: $35,000 Sale price: $110,000 A fix-and-flip project purchased off-market from a tired landlord involved buying a distressed property with significant deferred maintenance.

The 23 doors are only spread over 4 properties.