Is the second story an addition or some type of unique add-on?  

I am an agent, but I own property out of state in addition to the properties I own in Berywn and Lyons, IL in the Chicago burbs.

It would be easy to spend more in renovations than what the additional rent would justify.

Along with the pay down of the loan, we have enough equity to refi cash-out and invest in additional properties while continuing to stabilize our current property through increased rents, utility billing back and additional units.Question: Currently, we have an owner-financed loan at 4.6%/20 year 5/1 with a balloon 07/2022.

Putting in $475K taking the current $116K and adding potentially $20K (and the meters would cost an additional $24K up front) would be a 7.5% return on cash.

If we did it would generate about $600 positive cashflow in addition to paying off the mortgage.  

Hi Everyone, Background:I own a tri-plex in los angeles... rent controlled.. one of the tenants lived there when i acquired the property.. his rent is 750.00 - current rate is approx 3k He has full access to the only Garage on the building, an additional parking spot, and a great size yard...

Additionally, a portion of the first floor was observed to be sagging.

I know that area pretty well and this property is a great addition!

Either that or find a lender that will let you keep the separate loans (rather than paying for additional closing costs) and cross collateralize them on a line of credit.