After taxes, commissions, and fees I think it can get 220K, but I’ll say 200K to be conservative.

The extra exposure as well as having a dedicated revenue manager usually offsets a lot of the management fee. 

Originally posted by @Jorge Pereira:@John Andrews did you ever do the deal with themThanks for reaching out man feel free to call my cell anytime...always here for you man! 

So let’s look at that as a whole number… extrapolating from your original post you’ve got 11 properties with $9k in gross rents, which breaks down to about $800/mo each, 25% of which is $200/mo… still not enough to maintain these properties over time.

Originally posted by @Bryan Contreras:Bruce, Agree.

We at one point had about 22 Airbnbs but that market has definitely become more saturated, a lot more competitive, city restrictions and fees have really increased for consumers.

Origination fee on your loans?

This is how you really crank your ROI up, making that original down payment work harder for you.When you are in the acquisition phase of a portfolio you should be using other people's money such as mortgage to grow.

In RS-3 with single family, many of the original bungalows will have a larger lot footprint, but are allowed to be "hat-topped" in a rehab which can grant substantial new space since you are not changing to lot footprint and are largely grandfathered in.

The problem is I cant even come up with ballpark numbers because there are so many variables, but I will give it a shot.Sell as is: $700kCondo conversion: 2 units for total of 1.1M to 1.3MExpenses: 200k-300k for attorney fees and all repairsOpportunity cost(carrying mortgage and delaying debt paydown/investing): 150kCondo conversion profit: $650K To $950kWhat am I missing?