Also a 3pyr fix at 6.25 with no annual reviews is pretty nice esp given the speed they work on.

. - Indianapolis has rent rates currently climbing at one of the fastest rates in the nation (+8%)- Median sale price is 230k as of Feb - Unemployment rate of 2.2%- IU Healthcare (near Northside) announced in January a 4.3B expansion- Mayor Joe Hogsett announced in January $80M to Indianapolis parks.

The cost of living is lower and housing prices are more reasonable, which can make it a more attractive place to invest.Population growth: Columbus is one of the fastest-growing cities in the Midwest, and the population is expected to continue to grow in the coming years.

Get A and B to sign agreement with you and sell it now as is to someone investor else who pays for the improvements, sees the dream and signs an agreement with you to list it when they sell.4. other optionsProblem with California is rents are not to speed with values.

So far, typical speed bumps with early stages of apartment ownership (transfer of management, cleaning out bad tenants, etc.) 

One way to possibly speed it up is to purchase it as a second home or vacation home doing 10% down with specific lenders. 

If you're considering different investments and looking to compare underwriting/risks, consider the following:-Rent growth assumptions vs. market comps-Speed/ramp up of rent growth - is this acheived over 6 months, 12 months, 18 months?

I know Frisco and McKinney are one of the fastest growing cities (just north of Dallas) in the last 10 years.

Couple thoughtsSince you are in the space already I assume you are up to speed on all the new laws on STRs in Philadelphia.

If the revenue is $4,840 per month, then your expense ration will be 50% on this deal and the net income only $2,420 per month which makes the correct price more like $300,000 or less (around a 10% cap rate) and not even remotely close to $550,000 (around a 5% cap rate).Unless I'm missing something here I would run away from this deal at the speed of light unless you can get the price reduced by around 50% or more.