The buildings on those sites for the most part are bigger complexes.That means manager on site,maintenance on site,possibly gated entrance,pool,tennis court,laundry facility,meet and greet space,and workout facility,etc.The age and amenities dictate the rent price of a building as well as if you unit just shares common walls or is stacked with people above and below you and behind you and beside you.Also some of the older buildings include utilities.So when looking at rent comps you have to drill down and make sure you are comparing apples to apples.When someone shows various rent comps I can explain why one is one price over another.Also comes to even finish for the area.Example 1,200 sq ft 2 bed 1 bath in an area that is 30 years old with cedar siding rents for 800 a month.Conversely the same 1,200 sq ft town house 1/4 mile away has brick finish with molding,garage,and granite and crown molding interior and rents for 1,250 a month in the same area.One tenant base is typically a retiree with a pension and the other tenant is a worker with 2 jobs looking for space for their family without all the bells and whistles for a cheaper price.

Purchase price: $210,000 Cash invested: $10,000 Sale price: $285,000 Updates completed in this home all by my wife and I unless noted:New Roof - ContractorCedar Garage Doors - ContractorPainted Exterior Painted Interior and Design Walkway to PoolPlaster, Prime, Painted PoolBarn Doors and AccentsCedar StairwayWindow TreatmentsHand Built Cedar Fencing - ContractorTheater Room Wiring and Sound What made you interested in investing in this type of deal?

Also, in many cities, the less desirable neighborhoods have relatively newer houses, whereas the most desirable neighborhoods are in the oldest part of the city (where most homes are 100+ years old)--in which case, it's almost impossible to get a property in an A grade location without it being a very old house.The quality, condition, and style of the building, its interior finishings, and its internal systems (e.g.; plumbing, etc.).

Generally speaking a due diligence period will be ~30 days and this is when we’ll take a deeper dive into the financials and bank accounts of the property, walk all the interior units of the property (this can even be hundreds!)

Of course I would have to get my local EMC to set a new service for the additional unit, but what about interior wiring. 95% of all the walls/sheetrock are in good shape. obviously Ill need a new panel and each unit's wiring needs to be independent of each other.

You should be able to use a stager/interior decorator. 

On the interior, we updated each side of the home from a 2 bed 1 bath, into a 3 bed 2 bath.

Things like a high bedroom count to support larger groups, a private pool, newly renovated interior and finishings, etc.

If you haven't done so already, you may want to obtain professional photos and a virtual tour of the property before any tenants move in, along with a floor plan drawing that shows the interior walls and room dimensions.

Leasing offers a property owner a passive investment with a guaranteed income so they don t have to worry about a management lack of marketing expertise, interior property maintenance and property taxes.