I would want to make improvements to all units and increase the rent to market value when the renovations are completed.

This would be my first property that requires renovation.

Purchased on 2/1/2024 for $58,500, we invested $55,000 in renovations to enhance the property’s appeal.

I suspect maximizing the investment might make it slightly less desirable as an owner or at least the renovations might have lower ROI if sold to a homeowner.

Hi Shilo, if you haven't would recommend doing research on recently sold properties to determine the ARV of a renovated property in those areas. 

Of course, what they paid isn’t going to take into account the money they have spent on renovations or remodeling, which can be substantial.  

If detached they were going to require school fees and it changed the permitting cost as the renovation was going to exceed their threshold of $53,900, which triggers additional fees. 

However, the road block I face is getting to a point where I think it’s an “ok” deal (meaning it’s not fulfilling the 1% rule, but more like 0.75% and little to no immediate renovation cost/typically a new build townhome) and then I start to question whether I could find a BETTER deal if I just keep looking.

@Augusta Owens here's some copy & paste info you won't find in a book:)-----------------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

I renovated the primary bathroom, kitchen, appliances and yard.