I also work with an agent who has a 2 bed 2 bath condo on a golf course that does very well.

You could possibly get a condo that’s 1 bed 1 bath for appreciation but there won’t be any cash flow. 

Purchase price: $86,000 Cash invested: $26,000 Purchased a great 3 bed 2 bath home in a medium income neighborhood.

Assume the unreduced basis of the building is about $350k (I took out the land value)*Add New Deck - $8k*Interior/Exterior paint - $3k*Dishwasher - $500*Landscaping materials - $1500*Wood/sheetrock to build walls to enclose an existing space - $500*Furniture (beds, tables, chairs etc) - $5k*Hot Tub - $5kCan we use the SHST or De Minimis or Routine Maintenance safe harbor for any of this? 

Thanks for the info.For some context I have a duplex on 61st and north, both units are 2 bed 1 bath.

Furnishing costs ~$5k per bedroom for the whole house (i.e. should be able to fully furnish a 3 bed 2 bath home for $15k). 

All 32 units are 2-bed, 1-baths.I've underwritten this cost as-is and still want the buildings. 

(i.e. 3 bed 2 bath will take ~$15k to furnish correctly). 

This is a 3 bed 1 bath 1018 sq ft home in good conditionIt has a 1 car detached garage.

We are hoping to purchase a 2 bed/2 bath condo or comparable town house in MoCo that we will live in until we purchase a larger home in the next few years.