That's exactly why I wanted to make this post; to keep my mind open with fresh perspectives.

I'm just following the math and it makes sense to me: less money in lender pocket = more money in mine.Yes @Andrew Postell you can craft all manner of creative arrangements to bake equity into a property but I'm talking a straight a BRRRR situation as the book spells out.

If you have an agent that doesn't get you a fresh letter for every single offer, they are throwing your money away. 

It's based off of refinery work, so there are a lot of very very highly paid blue collar workers in the area, easily into the 6 figures fresh out of high school.So you have The Chelseas, which is easily the worst part of town with lots of small MFHs, but then across town(and it's a small town, ~50-60k people) you have some homes going for 500k to a million.

And lastly rekey with fresh keys once tenant moves in to insure no extra key is wondering out there.

If this were me in this situation, Once you have the replacement tenant, I would add an addendum to the current lease terminating it, then start fresh with the new tenant.

However... each year you show it increase by 3% which means you are baking in inflation expense into your cap ex (which is good).However, you are then averaging the monthly cap ex for the next 30 years into a single figure and taking that out of your current rent.

This is the property info:Located East side of Hollywood, FLFourplex consisting of (2) Studios and (2) One BedroomsProperty is in good shape but outdated, needs: (4) new bathrooms, fresh paint, maybe windows Current rents are $4,150 totalMarket rents are $5,600 total (Conservative) I would be inheriting tenants, so I would have to go through the process of vacating the units, renovating, renting. 

There is nothing on the radar that could reduce Milwaukee prices in a meaningful way; and we are still about a third below the national avergae, have a chrinic housing shortage, plenty of fresh water and are in a climate safe zone - all factors that will continue to increase demand eyond of where it already is, while we have no meangingful increase in supply and new construction is  limited to small numbers and only luxury homes over 600k.

When done with the rehab rent at top of market rent (it is freshly rehabbed) and move into the other unit and repeat.