But, a sudden price drop (fairly large on a percentage basis) caught my eye.

There is a free standing garage for two cars.Municipal code states that street parking will be considered on a case by case basis.

We also have a clause in the lease that allows us to raise the rent 3% every 6 months...which we do use once in a blue moon if we've had tax increases or HOA fees:"AUTOMATICALLY RENEWABLE TERM OF LEASE: At the Anniversary date, and subsequent Anniversary Dates, this Lease shall be automatically renewed on a month-to-month basis unless either party provides the other written notice, at least thirty (30) days prior to the Anniversary date, of their desire not to renew for another month.

Keep in mind if you buy your 2 siblings out that purchase will add to your basis and be depreciated out for a tax offset.Has the property been going up or down in value lately?

Is this the basis for your interest?

Building stuff this late in the cycle is risky IMO unless your land basis is super cheap because you acquired it much earlier.

Agents do this every day.

Every day they have classes on this or that.

When you set out to buy-fix-and-hold a property you are taking everything on yourself from finding the right property, in the right area, assembling your team to renovate it, putting up most (or all) of the cash to do so, and that assumes you have the experience and time required to invest in the project.You might end up with a lower cost basis in the end, assuming everything goes well, but you take on all the risk to try and get there.

I take metra downtown everyday and I'm always seeing opportunities on the south side.