And of course anything lower is a bonus.

The only reason I would have a free and clear property is if I wanted to lower my risk exposure to capital expenses by downsizing my portfolio of rentals later in life

We also redid the cement in the backyard and added walkways, new sod, new water heater, new garage, new windows and doors, LED recessed lighting throughout, new carpet, drywalled the garage and epoxy'd the garage floor, and as an added bonus to the homeowners; purchased a brand new samsung washing machine and dryer.Purchase price: $510kRehab: $115k (Includes labor, finishes, taxes, insurance, utilities, etc...)Commissions: 2.5% = $18,750Sold for $750kProfit: $106,250BEFOREAFTERWe added the subway tile after a couple days because they weren't installed yet during the professional pictures.

Now that our proof of concept is nearly complete and Austin is getting exposure, the million dollar question...

The quote is from the article linked above, This is why I repeatedly point out that the appreciation is better in Detroit than anywhere and the cash flow is a magnificent bonus.

When we got a reenlistment bonus, it went to the side, often in dividend bearing stocks, until we had enough to buy a house. 

Got the bonus points within like two weeks and my wife and I got airfare to cancun for like $150 in fees in June.

Many don't have insurance and ultimately you (the builder) wind up with higher risk exposure.

If I only had one property locally at this point, I'd probably sell it and invest in other people's projects (assuming I wanted to keep the real estate exposure).  

I'm trying to find a good area for buy-and-hold rentals with a bonus potential for appreciation.