Happy to chat and get a game plan in place for you or answer any other questions you might have.

We are planning to hold it for 5 years and bought a rate cap to cover the entire hold period. 

There are a lot more things that occur as part of the contract that would be included including valuations for each parcel, specific tax consequences, proffers offered to the city etc. 

I'd expect and plan for this each year.

Sounds like a great plan!

In mid February, many tenants get caught up when they start getting their income tax refunds (depending how fast they file).Income tax refunds also give tenants the needed funds for first month of rent + security deposit, so they can move.Check out this graph, which was created from tens of thousands of data points:Regarding your property, suggest the following:1) Where specifically is it being advertised?

If you have any specific questions, I’d be glad to help!

We plan to renovate it ourselves and turn it into a 1200sq ft 2/1 to STR.

Assets identified in this study include:Standard windows and doorsInterior ceilings and wallsBasic plumbing and electrical systemsBuilding structural elementsBasic HVAC componentsThis engineering-based cost segregation study included the following methodology:Physical Inspection through a site visitDocumentation review including architectural plans, accounting records and construction documentsA cost analysis which utilizes engineering principles in order to allocate costs to their applicable asset classificationsCalculation of the depreciation schedule using MACRSAs a reminder, bonus depreciation started to phase out in 2023.

With comps ranging from $875K-$1M and your estimated build cost at $550K, the after-completion value gives you a significant equity cushion, making this project highly attractive to lenders.If you plan to hold and rent the property, you could refinance into a DSCR loan after construction, which bases lending on rental income rather than personal income.