.- Expected renovation costs $1MM.

We change the order from time to time, etc but no new full set of pics UNLESS there is a design refresh, or renovation of some sort. 

For the first townhome, we are in the renovation process and looking to screen our first tenants.

Here's a breakdown of the situation:Current Occupancy: 80% (16/20 units occupied).Current Gross Rent Roll: $14,265/month.Market Rent Potential: $17,665/month (100% occupancy).Renovation Needs: 15 units require full renovation ($10K/unit), 4 units are 75% renovated ($2.5K/unit), totaling $160K in renovation costs.Vacancy Loss: $41,820/year in lost income due to current vacancies.Cap Rate AnalysisThe seller lists the cap rate as 9.59%, but this is based on the projected NOI of $119,858 (assuming full occupancy and market rents).

I have had inspectors look at rooms on renovations that were not permitted (we weren't even doing work in the rooms) and asked that certain changes to be made to bring the room up to code (it was minimal).

I've done fairly big renovations where in most cases, Im replacing almost everything in/on the house.

Purchase price: $840,000 Cash invested: $75,000 Sale price: $1,200,000 Full renovation of all 4 units.

Quote from @Samuel Hudson: Hello friends I am new the market and recently bought a home in Weehawken 6 months backs .Its a three family home and we are currently doing renovations Right now.The rent leveling board told me that two units would have to follow a rent of 1650 for unit 1 which has three bedrooms and another unknown amount for unit 2 which they don’t have the information for .The previous seller I purchased the property from bought it as a tax lien .He has kept the property vacant for two years with no tenants before selling it to me .However ,the previous Owner he bought it from must have had tenants .I am putting in a lot of money into renovations and want some clarity on the situation I am in .The property has been vacant for the two years and currently still is as we are doing renovation .It would be really appreciated if anyone can assist me on what information needs to be provided by from the previous seller for me to be able to set the rent based on the market value .Thank you . 

It all started with removing some interior walls and changing the floor plan, removing a chimney, adding a bedroom and bathroom, installing patio door to the backyard, and completely renovating every other interior element What was the outcome?

When was the renovation done?