Once the property is stable then push closer to market in the coming years.So base numbers off of lower rents to be conservative and that rehab will take much longer than expected.This building sounds like pre- 74 so lead based paint remediation among many others things.If rents are at 700 market than calculate for instance 600.600 X 50 = 30,000 mo X 12 = 360,000 a year X .50 ( tenants pays utility ) = 180,000 NOI10 cap value 1,800,0009 cap 2,000,0008 cap 2,200,000At 14k rehab X 50 doors = 700,000 Nice meet on the bone there. 40,000 a door is 2,000,000Too much work for the return there at that level.You need to look at any short sales ongoing for apartment buildings there, foreclosures, current occupancy levels in existing buildings versus demand, and new construction permits ongoing for brand new product coming online in the area.The new product might have tennis courts, gym, clubhouse, pool house, electronic gates, playground, basketball courts, laundry in the units, etc.To add all those things and compete drives up overall costs.Contractor demand for the area is key as well. 3 to 5 years ago contractors were very hungry for projects.

I did exclusively stocks 1992-2004, then added in some real estate (buy and hold, self managed) about 2004 to present and it was like becoming a different species (like a fish suddenly becoming a land animal)...Whole different ball game.

@Michael Glaser If you are in a college town that has football & basketball you can become an Airbnb hotspot.

Holes in the walls the size of basketballs .

I coach my sons basketball team and the schedule hasn’t been released yet.

There are hard money lenders out there who can help with fix n flips so I would start conversations with different lenders to get a sense of terms and interest rates.I would also prepare yourself for the long game.

@Kurt Winsley  any one gets hurt your in for a world of hurt I don't see how the benefits would out weight the risks. and tenants abuse these things.. friend of mine put all new basket ball hoops and BBQ units with table etc in his C class ( maybe lower ) Memphis apartment complex.. .the items did not last 60 days and they were either stolen or completely ruined.

For example, my oldest son loves basketball, but not before he became more skilled at it.

I like basketball and this season I was really enjoying the Lakers games and Portland games.

*The Golden State Warriors basketball arena is being built nearby—-which makes two pro sports stadiums within walking distance.