They are more commonly full guts with major mechanical reworks.  

Be proactive on mechanical inspections. 

Fire ratings, STC ratings, sprinkler systems, air barrier testing, and costlier mechanical systems—much of it driven by regulatory changes—are all at all-time highs.

You paid extra for less cash flow, even if the long-term CapEx benefits were obvious.But when new construction trades at a discount — and comes with a 10-year roof, new mechanicals, energy efficiency, and a builder warranty — the math changes.Lower maintenance, lower vacancy, and predictable CapEx are now being offered at resale pricing or better.That is a different equation than anything we saw in 2015–2023.What I’m seeing in Reno, NV• In 2021, new builds typically sold 12–15% above resales• Today, builders are offering $15K–$40K in incentives plus below-market financing• Several new homes now underwrite better than 1980s resales, even before factoring depreciationIf you only pull comps from the MLS, you won’t see these concessions because they aren’t reflected in list prices.

Love the emphasis on transparency—what’s your biggest challenge right now in tenant retention or rehab turnarounds?

For the Pilsen property, what's the age of the roof, mechanicals, plumbing, electrical, windows, etc? 

Just this weekend I hopped on Youtube for a half an hour, fixed everything on my own and now because of Youtube, I feel like a mechanic.

I suspect the credit inquiry company has a lead selling mechanism as Patrick alluded to. 

Material prices have continued to rise, particularly mechanical/plumbing supplies, but it's been gradual and no changes within reasonable rehab life cycles that are truly profitability altering.

id flip it for the largest amount possible$300/month could be made from playing around with amazon.com's mechanical turk or working at mcdonalds part time