Also if you want to convert a garage please consider adding a car port because with the hail storms Dallas can get, more people are wanting garages or at least covered areas for their cars.Plus yes @Bart H. $900/mo is awesome but look when he bought it, at what price, and what it would appraise for now.

Finally, if your Realtor is open to it, they can send you the offer form and you can fill out all of the information and they can submit it, saving them from having to do a whole bunch of work on a hail mary.

I can reroof a simple small roof by myself in a weekend, and around here, we get enough hail storms that insurance will usually provide a new roof every 10 years or so.

I originally hail from the thumb area of Michigan but my career in the Air Force took me first to Charleston, SC and now to Del Rio. 

Fishing in the bitterroot river and valley is something we do every year as well..these are totally different things than investing in low end rentals in the mid west.also in my mind Texas is appropriate if your going to live there.. to live in CA and pay high state tax on income derived from states with no income tax and UBER high property tax's defeats the purpose in my mind not to mention soil and storms.. but just my experience foundations are not if but when ( to correct them) and new roofs because of hail are about the same thing..

Everyone is going with architectural shingles and 25 to 35 year "Warranties" The warranty does not apply to wind damage or hail damage.Make sure your roofer places a salvage tarp where they drop the roof waste.

-MikeProperty 1: $650,000 | 10 Units | 8.2% CAP | 1Bed, 1Bath Gross Revenue Q3 2017MonthlyAnnualUnit 1$ 615Unit 2$ 630Unit 3$ 615Unit 4$ 745*New Tenant 08/10/2017Unit 5$ 615Unit 6$ 635Unit 7$ 665*New Tenant 08/10/2017Unit 8$ 570*Long Term TenantUnit 9$ 600Unit 10$ 635Annual$ 6,325.00Other IncomeLate Fees$ 58.33$ 700.00Laundry Revenue$ 150Total$ 6,533.33$ 78,400.00Vacancy0Expenses:Cleaning and Maintenance$ 150$ 1,800Insurance$ 442$ 5,305Legal$ 41.67$ 500Repairs$ 278$ 3,338Taxes$ 606$ 7,276Utilities$ 632$ 7,582Total Exp$ 2,150.12$ 25,801Income$ 4,383.22$ 52,598.58*Current Offering Price$681,8127.71%Units: 4,6,7,10 are on Current LeasesAll other units on Month-to-Month from previous leasesSingle Meter for Water/Gas, can be billed back to Tenant monthlyElectricity in Tenants NameProperty 2: 23 Units | $1,652,000 | 7.24% CAPUnit Mix:Proforma:Rate/MonthSF/Unit1 Bedrooms12$ 650.00$ 7,800.008002 Bedrooms11$ 800.00$ 8,800.001000$ 16,600.00Actual Gross Revenue Q4 2017:MonthlyAnnualUnit 1$ 750Unit 2$ 550Unit 3$ 550Unit 4$ 475Unit 5$ 505Unit 6$ 605Unit 7$ 585Unit 8$ 795Unit 9$ 595Unit 10$ 550Unit 11$ 600Unit 12$ 525Unit 13$ 570Unit 14$ 625Unit 15$ 570Unit 16$ 630Unit 17$ 555Unit 18$ 500Unit 19$ 525Unit 20$ 490Unit 21$ 600Unit 22$ 650Unit 23$ 675Monthly Total$ 13,475Other IncomeLate Fees$ 50.00$ 600.00$ 600.00Laundry Revenue$ 245$ 2,940$ 2,940.0010 Garages (Included in Rents)$ -$ -$ 4,200.00Total$ 13,770.00$ 165,240.00$ 206,940.00Vacancy: (100% Occupancy***)$ 688.50$ 8,262.00$ 10,347Total:$ 13,081.50$ 156,978.00$ 196,593.00*Assumed 5%Property Management: (Self***)$ 915.71$ 10,988.46$ 14,485.80Total:$ 12,165.80$ 145,989.54$ 182,107.20*Assumed 7%Expenses:Cleaning and Maintenance$ 291.67$ 3,500Full Coverage Insurance$ 710.42$ 8,525Legal$ 50$ 600Repairs$ 279$ 3,350Taxes$ 1,392$ 16,707Utilities$ 1,082$ 12,988Total Expenses$ 3,805.84$ 45,670Analysis NOI:$ 8,359.96$ 100,319.46$ 136,437.12Asking Price/ Cap Rate$1,652,0006.1%8.3%Current NOI/CAP-Actual Operating:$ 9,964.16$ 119,569.927.24%Owner Improvements & Costs:All New Windows$ 40,000New Hail Resistant Roof & Gutters$ 40,000New Garage Doors$ 10,000New Carpet in Common Areas$ 8,000New Circulating Pump/Hot Water$ 2,000Unit Upgrades/Appliances$ 20,000$ 120,000Kitchen & Bathroom Reno:Unit Cost $3,000; Resulted in $150 - $200/Unit Rent IncreaseOwner creating a waiting list for unit reno's from tenant demandUnit Rental Rate Inflations:Rent Increase Notices given every year, Tenants aware & compliant

Hello BP community!My name is Tyler and I'm interested in real estate investing in the West Michigan area.  I am an extroverted Civil Engineer - I know, crazy right?  I have a bachelors degree from Calvin College, and...

My wife and I moved to Evansville, IN from Mississippi a little over a year and a half ago when I finished my undergrad at MS State (Hail State). 

I am looking at a live in investment property that has hail damage on the roof.