It also included shifting the garage as well as reroofing and upgrading the tankless water heater.

Some providers take the approach that a furnace or water heater with several years of expected life shouldn't be replaced in the rehab, but that the final product should be priced accordingly. 

As in any kind of outbuilding with water and power, a pool house that you can convert, bedrooms upstairs that you could add an exterior staircase to, a home with a big lot that would work for bringing a tiny home in.

Again, I don't know if this theory holds water or not, but it's all I could come up with.Also, the unit I got under contract was a FSBO and was not on MLS, so it seems to me that the brand new out-of-town buyer of the majority of the complex might not have had visibility to this unit being available for sale...maybe. 

Of course, I am in California, but I save tens of thousands of dollars over a 10-year period because now I don't have to pay for water, pay a gardener, or pay thousands of dollars to remove trees.The next thing we do is we usually paint the entire outside of the apartment building to make the place look fresh and then you won't have to paint it again for 20+ years.

What is the age of the major mechanicals (water heater, AC units, etc.)5. 

Those large issues being the following:The basement that is mostly underground is unfinished and the house sits on the side of a hill, so when it rains, the water builds up around a few areas and eventually over time will penetrate the concrete blocks in the basement causing mold to grow on the wall and make the Drylok start to peel in the areas that have the moisture issue.

Looks like Il be dealing with a water heater outage (🤦🏻‍♂️) this weekend so I’ll have to catch the next one (or create one:).

I've been managing this for the past 3 years so I can only base my XP on this period.This property is under section 8 and the rent is around 1500 combined for both houses(- water & garbage).

I have done cashflow deals in KC, MI and OH for over a decade now and I have found that the 5 to 7 year mark has been the sweet spot for me when it comes to maximizing appreciation and not holding on too long to where I don't have to come out of pocket for a new water heater, furnace, AC unit...