To get it permitted you have to pay for an architect, engineer, permit fees, and possibly open up walls to make sure the correct beams, plumbing, electrical, etc. is present. 

.: Depends on what I’m replacing.

In other words, a deal might cash flow today, but it might not down the road as operating costs rise (taxes, insurance, replacement reserves, etc).

BRRRR still works when the buy is meaningfully below replacement cost and the value is created through operational improvements, not just market appreciation.

Also, navigating these rules correctly is precisely why the detailed breakdown from an engineered study is so important.

Im a construction engineer so I have been doing all repairs myself. 

Instead:Underwrite 20–30 deals before doing 1Reverse-engineer what “good” actually looks likeLearn how operators make money (so you know how you’ll make money)If you’re open to out-of-state investing, I’m based in Memphis, TN and work with a lot of investors building cash-flow focused rental portfolios here.

If your goal is to consolidate geographically, I would price test the resale market and compare net proceeds vs. what it would cost to replace that $2,000 per month cashflow elsewhere in your portfolio.

Do you want to decide when to replace it or do you want it to decide?

I've been looking at First Alert hardwired and wireless to replace our current detectors.