The units are very popular in my college town and I have been able to get significantly increased rent and I actually just accepted and processed an application for new tenants to start on the 4th.  

THANK YOU to the BP community for giving me the knowledge and courage to buy my first property out of state.After 2 months on the site, and plenty of webinars (Thank you @Brandon Turner)- especially the one when I com...

I have an accepted contract on a property and I'm having trouble finding a bank that won't sell my loan on the secondary market and this property doesn't conform to Fannie Mae criteria.  

The market in Northern CA is crazy mind you, and after back and forth of counter offering, our offer of $242,000 ($17,000 above asking price) was accepted. 

I would really get your architect and contractor onboard first as well as making sure your permitting and plans are acceptable to the city.

Thank you for accepting me in this forum.

First off I would not be mislead by price per sqft, it can mislead you and cost you thousands.https://www.biggerpockets.com/blogs/8050/49618-pri...Use what has sold past six, seller motivation, what amenities, location, cost of repairs, area rent rate, etc.True market value is what a buyer will offer and what a seller will accept.

That is the accepted and conventional wisdom that we have been taught; i.e. to be debt free.  

But I'm not in CA, so I dont know if something like that would be acceptable.   

I plan to reach out to my local REIA today and attend my first REIA meeting the first of June (pending my acceptance into the association).