When I renovate a property I try my best to tenant-proof the property as best as possible without sacrificing cash flow.

Hi Bigger Pockets, There is a Granny Special in my wife and my neighborhood that we are considering renovating for our primary residence.

Currently the area is a little rough but many remodeling projects are taking place which is part of what is helping the appreciation of property in the area. 

This metric helps answer the question if the return on capital invested in the project is sufficient to overcome a project’s initial cost.This is beneficial to look at in development deals and value-add acquisitions.The formula:NOI / Total Project CostWhat’s a good Y.O.C.?

This is a value add play in a big market where renovations and other features added will increase rents.What does BP think?

If possible, I suggest house hacking to get started...buy a 2-4 unit with the new 5% down program plus add on a renovation to put icing on the cake!

Full renovation from top to bottom and inside out What was the outcome?

It takes you couple years to double your initial investment and then when your long-term tenants are moved out, expect to renovate the property, which usually cuts quite deep into your overall profit. 

@Benjamin SawickiI would suggest cleaning the place while completing any renovations you were planning on and then re-renting it.

These loans often have more lenient qualification requirements compared to traditional mortgages.Opportunity for Renovation: Many HUD properties are sold in "as-is" condition, providing buyers with the opportunity to renovate and customize the property to their preferences.