What was the outcome?

The city boasts a strong rental market driven by a growing population which could potentially lead to a steady income.

I think this is actually good for buyers, but will likely result in lower commissions for agents, I think in some ways the biggest change is the fact that buyer agreements have to be signed day one, that will do a few things open up a conversation about commissions and what a buyer wants to pay (keep in mind the buyer can still ask to have thr seller pay a buyers agent much like asking for closing costs assistance) but in that upfront conversation thier will be a negotiation about how much is to be paid, what services will be provided etc. and I believe both that sellers will potentially talk to a few different agents & even if they don’t the threat of that will lead buyers agents to negotiate, the media coverage of this will also drive seller awareness of the ability to negotiate.

When factoring in additional costs such as maintenance, property management fees (if you do not opt for a property manager, and you should), and potential vacancy periods, the financial burden could increase.Check this out: If you're breaking even on rent at $1,600, any additional expenses or vacancies directly impact your pocket and mental health.

Is this a poor strategy considering the potential market downturn?

Considering the potential for unexpected costs, especially with the unpermitted addition and the need for significant updates like roofing and windows, the profit margin seems tight.IDK, the significant dip into your savings for a project with many unknowns could strain your safety net.

EDUCATE YOURSELF - yes, it will take time, but will lead to a selection that better meets your expectations & avoids potentially costly surprises!

I wrote about this weeks ago and the potential impacts it could have on real estate investors and financing.

Hey Annwar, with $50k cash and some equity to potentially play with I'd look to do BRRRR's with cash purchases.That said, it will come with its own set of challenges.

@Jesse GrimUsing a hard money lender (HML) could potentially speed up the process of accessing funds for your fix and flip projects, but it's essential to weigh the pros and cons carefully.