It was a 2-Fam, now listed as a SF, probably addition is not to code, or was illegal.

I'll definitely check that book out and add it to my stack! 

You bring up a good point about coming up with the additional 15k that I don't have a solid answer for at the moment.

And if you end up putting any additional capital in to cover budget overages, that capital would also have interest paid back on it.What this all looks like when you sell the property: calculate your net deal profits after all your expenses like usual.

In addition to the possibility that these get added as liens, HOAs can make your life miserable as a landlord if the board is overzealous.

Additionally @Larry Fried hit the nail on the head, $250k is at the higher end of the market.

That, in addition to NJ sports betting and you may be on to something in south NJ.

I'm going to be a bit of a contrarian to the above posters, but let me first qualify my post by stating that your market will determine what you should do.We frequently install en-suite laundry in our units - in fact, we have removed common coin-op laundry in most buildings of 6-units or less in favour of en-suite laundry - for the following reasons:electricity and, in most cases, hot water costs are transferred to the tenant;where water is sub-metered, water costs are transferred to the tenant;high-efficency residential laundry machines are about half the capital costs of commercial coin-operated machines;we can command $30 - $50/month in additional rent with en-suite laundry;by installing our own machines, we know they are installed property, with catch/drain pans and {going forward} leak detect shutoffs; andwith en-suite laundry vandalism of laundry machines has been non-existant ... and if a machine is damaged, we know who is responsible.We have a good rapport with a couple of local appliance suppliers and get called whenever they have "dinged and scratched" units to unload ... a small, cosmetic dent in the side of a washer - which will never be seen when it is installed in a laundry closet - can be worth a 40 - 50% discount.  

Additionally, have you acquired good returns in this market. 

If their credit is acceptable to you then rent but add extra charges up front for the additional dogs.