I’m trying to get a better understanding of the unlevered IRR hurdles SFR / BTR investors have for value-add improvements.By "value-add improvements" I’m referring to upgrades made to a property that increase rent or purchase value, often including kitchen remodels, bathroom updates, solar and other energy efficiency improvements, fresh paint, a new garage door, finishing a basement, adding a deck, and updating flooring, to name a few.I’ve been hearing a lot of different reactions to this question the last few months.

When there's tenants already occupying the property, there's often times different leases that were signed among the tenants.Additionally, renting by room usually sees higher tenant turnover which in turn causes more work for the PM.Other challenges to consider:- Disputes/conflicts among tenants (different personalities if a tenant doesn't know the others prior)- Occupancy limits- Splitting utilities (what if someone uses more water?)

Acquired the property with cash (to compete with all-cash buyers at the time) and then refinanced 2-3 months post-close How did you add value to the deal?

Be sure to check out the free tools BP provides to help analyze deals you may have and also market insights.

Any issues to look out for or avoid?

It only applies to residents living in Jerome Village so for investors, it would only apply to rental income from Jerome Village properties, not your entire portfolio or out-of-state income.

Outside of real estate, I enjoy going to wine dinners, charity functions, date nights, piano bars, and nice dinners with my amazing wife.Excited to learn and connect with you all!

I'm going to need a great coat of primer, and then I'll paint the walls with Alabaster. 

@Nold R.there are really three options for you to do this. 

Would you want to invest there or are you thinking of investing elsewhere?