Also, your loans on the property (when handled correctly) are tax-deductible, paid off by your tenants and (with the seemingly natural rise of inflation), paid off with weaker dollars than you used to purchase/refinance the property with.On the other side of the coin.

It's just the nature of the beast in the Midwest.

Given the nature of the lot --  around 100' of frontage, ~ 250' of depth, with the existing structure more or less centered at the frontage, I believe the existing structure would need to be torn down to subdivide.

@Aaron White over time it will become second nature.

Two minutes walk to the trail of 350 acre park and nature preserve and .40 acres (ok, I admit it, I actually purchased the property for my Australian cattle dog . . .)Purchase price = $342,500.

@Kyle DeSimone so much is going to depend on the tax nature of the profit sharing plan. 

. -- I see why he wants to avoid paying $3,500 - $4,500/year in natural gas, however, now we are stuck with overpriced units and in area where renters expect heat to be included. -- He can at least remove the radiators and cap the pipes to provide more room in these 2 bedroom apartments.I'm all about new windows, updated kitchens/baths, etc but I think he went over the top with these new HVAC systems..

Wealth is created from de-leveraging real estate (your tenants paying off your loans) and from appreciation, both forced (remodel) and natural (hopefully).Adding a single property now to your portfolio will set you a world apart at your retirement, when it is paid in full and you still own a cashflowing asset.

If it’s flooding from natural disaster, there’s no recourse per say.

.$1250/mo rent might be still high for the location and condition of the house - we don't know specifics.You hav to consider all the ingredients of the mix and this one doesn't look like an investment at all.You have to buy with a discount at least 15-20% of MV......otherwise it's not a deal.Then, the Rent projected has to factor all real expenses: taxes, insurance, %% on mortgage, HOA if any, utilities and other holding costs until it's rented or sold.