The rent is higher, but the banks or financers wont really count that as income like they would in an apartment building when computing the value of the park.

Not great.I do think that it sounds like your prospective property is a de-facto BRRRR situation -- definitely count on having to rehab units to get that $1000 a month rent. 

Som bullet-points below:Acquisition Price: $19,750,000Sale Price: $28,700,00Unit Count: 164Hold Period: 22 monthsStarting Revenue: $121,000Ending Revenue: $179,000Renovations Completed: 80 units + Office, Gym, Pool, Playground, Bark ParkReturn to Partners: 1.5x; 25% IRRThere was clearly more value-add left in the deal, but we'd hit our hurdles and thought it'd be better to move the equity into a property with more meat on the bone.

@Aaron Starr They should count the rents from the other units towards your DTI to increase your budget.

I couldn't understand why I couldn't count 25K as an expense.

Unfortunately I'm on the upside of the market right now (unlike when foreclosures and distressed sales were plentiful back in 2011) and in the entire state of New Hampshire I can count on one hand the number of auctions for larger multifamily buildings that have taken place this year. 

Does that count?

The property management counts like “your place” in the multi family?

I have a hearing for money damages set for a bit in the future so for now, all I have is the power to see them move on.For all you copper counters, we are currently at:June rent $625 - $600 Security Deposit = $25July rent 18 days and counting, 24 maximum = $483.87Filing fee = $113Civil process fee = $75Parking (?)

The tenants are not only lazy but when they finally get around to it you can count on it being done poorly and haphazardly.