Low supply and high demand means higher prices.For a recession to impact the housing market, it would need to fundamentally alter this dynamic between supply and demand.

This is where the really nice, polite and reasonable Merritt switches to my alter personality, the one that might rip your heart out and eat it for breakfast if I'm hungry enough.LOL.

Permits and inspections help preserve property values and enhance health and safety of the community.If you're changing key components or systems, such as structural, plumbing, electrical, HVAC, driveways, etc... then you're going to need a permit to make sure the work is inspected and documented that it meets current code.

(A) A landlord who is a party to a rental agreement shall do all of the following:(1) Comply with the requirements of all applicable building, housing, health, and safety codes that materially affect health and safety;(2) Make all repairs and do whatever is reasonably necessary to put and keep the premises in a fit and habitable condition;(3) Keep all common areas of the premises in a safe and sanitary condition;(4) Maintain in good and safe working order and condition all electrical, plumbing, sanitary, heating, ventilating, and air conditioning fixtures and appliances, and elevators, supplied or required to be supplied by the landlord;(5) When the landlord is a party to any rental agreements that cover four or more dwelling units in the same structure, provide and maintain appropriate receptacles for the removal of ashes, garbage, rubbish, and other waste incidental to the occupancy of a dwelling unit, and arrange for their removal;(6) Supply running water, reasonable amounts of hot water, and reasonable heat at all times, except where the building that includes the dwelling unit is not required by law to be equipped for that purpose, or the dwelling unit is so constructed that heat or hot water is generated by an installation within the exclusive control of the tenant and supplied by a direct public utility connection;(7) Not abuse the right of access conferred by division (B) of section 5321.05 of the Revised Code;(8) Except in the case of emergency or if it is impracticable to do so, give the tenant reasonable notice of the landlord's intent to enter and enter only at reasonable times.

I bought a flip property in Houston, located in the 77063 zip code.

@Elise Bickel thanks for the info I have a home under contract now where the home is very close to the next neighborhood which price is higher but with Zillow and me in putting the zip code I realized there was homes in that area with the same zip code in my 0.5 Miles range.

@Nick HarringtonTo make the transition properly (to Universal Plumbing Code) you have to use a dialectic union to make that transition however you will have to solder a pex or cpvc adapter into the dialectic union.

Go to the county court house for:  eviction court lists of landlords, some times code violations are avialble some times not.  

If the city comes back with a bunch of code upgrades that you did not plan on, that could quickly eat up all your margin.Most insurance carriers will not pick it up a fire damaged property until the fire and water damage is remediated and the structure is stabilized. 

Per the Chicago building code, you'll likely need a second stair.