Both developers are reputable ones, they are sticking to project schedules, and the quality of buildings are good.

I don't know if he's been sober the whole year he's been with us, but he's had the same job, pays his rent mostly on time, is spending quality time with his grandkids and generally seems to be healthier and happier than when he first moved in.They are all responsible adults for the most part.  

But what ppl don't realize is that it takes a boatload of energy to take cold water and turn it hot in a flash, the equivalent of 9 AC compressors running on a hot day.This is why it's critical to have proper, expensive installation, b/c you're really taxing the electricity of the house.I'm in Miami, and quality electricians are in short supply.

So here is how I would set this up: Kitchen: Appliances - $6,000 Cabinets - $10,000Countertop - $70-110/sqftSink - $1,500Faucet - $500Cab pulls - $500 (or $6-10/pull) Install - $2,000Flooring: Floor product (unfinished): (expect to pay 4 - 10 dollars per board foot for anything quality) Floor finishing (sanding, coating etc) roughly $3/Sq ft (as long as you are using a standard coating (polyurethane) if you want to go higher end with an oil or stain expect this to jump to 4-5/sq ft Bathrooms:Demo: $/hour x expected hours Underlayment: Schulter Shower System (approx: 500/shower enclosure) Tile/grout/thinset: 6-10 sq/ftInstall: $3-6 sq/ft Lighting and Electric: (pricing includes installation)   Switches: approx $30/switch  (this assumes a mid range Leviton 3-way dimmer) Outlets: $10 (TR Leviton duplex, GFI where needed and duplex/USB combo in Kitchen Island and a few choice locations) Lighting:Surface mount approx $150/fixtureCan: approx. $250/fixture (assuming old work install by electrician)A little more on why I do it this way: Kitchen: You can figure out exactly how much your kitchen is going to cost before you start.

The potential tenants from the realtor were much better quality than what I was getting online and from my yard sign.  

Building constructed in 1980Present loan value appx $77k on a 15 yr note with 3.375% interestP&I pmt is appx $602NOI 2014 was $11489NOI 2013 was $5142      (spent around $4k on updates/remodeling)Appx $27k by my calculations of capital improvements needed in the next 5-10 years to increase the value of the property, properly maintain it, and keep it functionally up to date in order to attract higher quality tenants (located in a b grade area) (I'd rather have more invested to have higher quality tenants - have my own reasons for this line of thinking - willing to sacrifice a bit of profit to have good people)- Redo Kitchens- replace doors and all base trim/casing (more for my taste and would help the place rent out even quicker)- 2 escape windows installed for basement bedrooms- Concrete work needed on patios and near front of the house -- need to be done in the next yearProperty based on comps in the immediate area and a tight supply of decent duplexes here is $175-210k or so.  

The two questions we should be asking ourselves is it quality or quantity that matter and is it more important to have a higher cash flow with less units or would you rather have more units with less cash flow? 

You're better off combing through 100 deals to find one that's in a great area that gets you 1% with appreciation potential and quality tenants, in an A or B area, rather than 2% or 3% in a bad area.

I'd really like to get something going in Southern California too but I might have to look at SFR's just because of the scarcity of quality affordable (based on my position) multi-family's.  

He is a great guy that does quality work.