Value with Garage To You = Market Value of Garage + Market Value of Smaller PropertyConverted Value To You = Market Value of Larger Property - Market Value of Garage - Cost to Convert Garage (including the time value of money)If converting does not increase the value of the property more than not doing it then there's your downside, too much time spent doing something not valuable.If it is still worth doing and if the comps call for covered parking, maybe you can add a nice carport cheaply in a way that doesn't cheapen the fresh new house.

You have to do this because smaller homes usually have a higher $/sqft and larger usually smaller. 

This was my first larger MF deal and I learned a lot about property management and large scale rehabs through the transition/reposition of the asset and tenant base.

I'm sure this choice has tax implications, liability implications, maybe lending implications, and definitely implications I'm not thinking about.

Put up a flier or call the business development person at larger businesses nearby.PM Responsibilities:  Finding a tenant should be 100% the responsibility of your property manager. 

(Larger triplex in the area in nicer condition, sold for $107k. 

In your 20s go for the stocks, you can earn more to off set the risk if it crashes, but as one gets older the advise is to move out of stocks to bonds, then as one ages more, to more further from stocks, some away from bonds, and get into cds as a larger holding. 

Property has potential for appreciation as the block it is on has larger condos at 1.5mil and small fixer houses for 1 mil.

There are some great choices in Rochester.Are you going to end up owning a percentage of the properties he already has? 

@Chris Grebeldinger You'll have to understand that Indy is not landlocked like most of the larger/older coastal and port cities.