All Forum Posts by: Jon Stin

With that kind of money, in most markets, you could reasonably get ahold of 4 units or more B or C class units which not only allows for meaningful cash flow but also really mitigates your risk. While you might be able to buy outright, you’re generally much better off using financing if you don’t intend to stop there. 

Ask your insurance agent how much of a difference it'll make in your premiums. If having a fireplace doubles your insurance, that's a clear indicator that you need to remove access to it. If it only increases your insurance costs by 10% or less, you can decide if the renter appeal of a fireplace will translate into actual increased rent to cover the additional insurance and maintenance. In some markets, there will be more financial gain in keeping it than in boarding it up. A local, experienced property manager could give good advice on this point.