Then factoring in potential mold and insulation... you know where this is going $$$$.On the upside however, we have updated plumbing, electric (supposedly, without inspection yet), all new windows, and overall a practically turn key house besides the things mentioned above.

There are a number of factors you can use to justify a mid-level or higher fee, such as whether there are shared hallways that will require upkeep and cleaning, is there any outdoor space, landscaping, snow and ice removal, if there is a parking lot to maintain, how many tenants (this is obviously the biggest one), and whether you will be charges gross rent or collecting and reconciling CAM each year. 

But, that's not the case for everyone, so it makes sense to find a place that works best for you given all your individual factors. 

I know the guys at Spartan & they do their best to keep things rented but they can't control the external factors like tenants, the economy, & the RE market.

That being said the site is great I’ll happily deal with the less than ideal app to get great content.

They don't understand the algorithms that are used and how it can be totally wrong to value the homes and that many factors are left out.  

Also, when underwriting deals with 'value-add' do you factor that into the LTV, meaning, are you borrowing the construction costs as well? 

A ton of development and renovations happening in the area and you still have the commuter rail which is making it an ideal place for young buyers. 

I certainly understand the factors related to the choice of whether to invest in real estate inside or outside a tax advantaged account. 

IRR is going to be higher than the cash on cash return when equity buildup is factored in.