I'm looking for some advice on whether I should renovate or continue renting out as-is.

Hi dear colleagues, my son is moving to Richmond and he bought a condo and he is planning to rent a room to start his house hacking strategy as a new investor in real estate.

i googled and found this thread for example.https://www.biggerpockets.com/forums/52/topics/1198212-purch...i have questions for you - do you already own, or are you renting? 

Hi Jake, DSCR Loans are a great way to get started if you have a property in mind that is ready to rent once purchased or possibly even has tenants living in it.

Purchase price: $342,000 We purchased this home in 2021, lived in it for two years and then started renting it.

All 5 units currently rented:  LT renters $850/mth, Retail Shop space $850/mth, and 3 STRs averaging 6k per month. 

This could involve a right of first refusal for the other party, buyout terms, and a method for determining the sale price.Rental and Use: Define the rules for renting out the property or parts of it, including how income and expenses will be divided.

.- Maintaining Property Value: Renting to reliable tenants who pay on time and take care of the property helps maintain its value.

Am in the same shoes as you were.. looking for build to rent/turnkey/PM.. thanks!

:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+, zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680, some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.