New to the game need advise
I purchased rental property in an up and coming area in Buffalo using the BRRR strategy. However, when I went to refinance the property would only yield me a 5K return. I'm not getting back my initial investment. I have upgraded this property by adding new windows new boiler new furnace new carpet siding painting the outside. The rent at the time of take over was 550 and now the tenant is paying 700. Aug starts a new lease the tenant wants to stay and the rent will be going up to 845 (market rate).
Had the property appraised again and due to the fact of the other properties in the are have not sold above 70K my I cannot pull the funds from my property, even though Zillow is showing my estimate is now 65K.
I need some good sound advice so i can move on to buying more property.