@Joseph Cacciapaglia the cash out refi makes sense. 3 of the 4 units are going to need cosmetic upgrades in the next 7 years.

You also can say that you are upgrading from and use it again.

Maintenance should cost at least one percent of the property value per year & CapEx is the funds used to upgrade or repair the property so make sure "big ticket" items are taken into account.Closing Cost of 1.6%.

@Fidelis O.If it is vacant - upgrade the finishes.

I upgraded some electrical and appliances over the three years that I owned the property.

That, and this building was upgraded a few years ago, making this an opportunity I am not so easy to ignore because I have never operated a car wash.Thanks again!

Some utilities offer credits to landlords for energy-efficient appliances, HVAC equipment, and many other environmentally friendly upgrades, like low-flow faucets.

Some utilities offer credits to landlords for energy-efficient appliances, HVAC equipment, and many other environmentally friendly upgrades, like low-flow faucets.If you’ve started renovating your property’s apartments, put a hold on it.

most NOO (non owner occ) rentals require 25-30% down, then you will need closing costs, capex/maintenance reserves, plus any costs to upgrade the place and get it listed and carry all the costs till a full time renter is in there (could be tough with COVID).

I would look at the amount of rent you are able to get, deduct property management fees, mortgage interest, taxes, insurance, an estimate for repairs and upgrades over time, and then make sure the number you are left with is still positive.