Central air would be a huge upgrade, and would probably allow you to raise rents.As far as a refi, if loan is over a million, you can go to Freddie and get some great terms, 30 yr amort, 4.5% rate, 10 yr term, 3 yrs I/O.This is the classic refi & roll.

Surrounded by other efficiency apartments, duplexes, and quadplexs.Almost 50 yrs old.  3/4 occupied. $650 x 2, and $550 x 1 (10 yr tenant).All units are:  2/1.5/0 with patios, and 2 parking spaces.Ask:  $220k (55k/unit) --- similar aged duplexes are listed for 60-70k/unit, but small MF 8-units in C/C- areas are listed from 28-35k/unit.Total square footage ~4400Taxes:  $2800Owner pays sewer/water:  $250/mo averageInsurance quote I got was:  $3636/yrFiguring 8% for PM, and 10% cap ex and 10% maintenance/repairs.The vacant unit was in very good condition, but had not been updated in several years. 

Losing cash flow in the first 1 or 2 yrs to have good tenants in place is worth it in my mind. 

Been doing this for over 10 yrs now.

I’ve been doing this consistently for 3,yrs.

She also has a 4-5% rate for good credit & up to 30 yrs financing on rentals with payment, mortgage & insurance included in the payment

Medicaid has penalties for selling within 5 yrs of applying for nursing home care and she may lose Medicaid if she sells.

My goal would be something $10k/mo passive income before I'm an old man, and I'm currently 25 yrs old.So what I'm working with here is a $100k+ salary.

What I did to get my first property in NYC was to buy a condo and then 2 yrs later move out and rent it.

@Steve Smith, A fin'l guy I know with 40 yrs in says the same as Cashin..never seen anything like it.