Purchase price: $155,000 Cash invested: $220,000 Purchased this distressed home right outside of University of Delaware and renovated the entire property: new roof, new windows, new siding, filled in an in ground pool, demoed flooded basement and added 4th bedroom, converted half bath to full, refinished kitchen, refinished hardwood flooring, installed LVF throughout home, new plumbing, new electrical, etc.

The market here on Oahu has so many non-conforming properties that have say an extra wet bar or extra non-permitted bedrooms.

Now to put things in perspective, this is a $1k/mo 2 bedroom apartment in a class C neighborhood in Chicago.So I take a look at the application, and supposedly she works for an area hospital in a management role making roughly $6k/mo, which is confirmed by an uploaded pay stub.

Example: Turning a 2 bedroom 1 bath home into a 5 bedroom 3 bath with a full dormer and finished basement.

You can and should put in your lease that that space is not to be used as a bedroom, not to have bedroom furniture (a futon?)

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Norfolk.

Purchase price: $117,000

Cash invested: $9,000

Duplex renovation project

What made you interested in inv...

I've seen a few mult-family on MLS where is lists the place and will say that it's 4 units and maybe how many bath and bedroom there are, but it doesn't list anything about how much they rent for, expenses, or how utilities are paid. 

From what I have seen the tactic here would be finding value add opportunities like rehabs, adding a bedroom or ADU etc. to help build equity/increase monthly rent potential.

I don't think it's wise to take a closets away from renters in one bedroom units. 

He didn't find any accessory apartment and claimed that I have a basement bedroom egress window installed without permit (by the previous owner).