On paper, it aligned with a moderate renovation strategy.

The capex reality check: ┌─────────────────────────────────────┬──────────────────────┬───────────────────┬───────────┐ │ System │ Age Risk │ Estimated Cost │ Timeline │ ├─────────────────────────────────────┼──────────────────────┼───────────────────┼───────────┤ │ Cast iron drain lines │ CRITICAL (66 years) │ $80,000-$140,000 │ Years 1-3 │ ├─────────────────────────────────────┼──────────────────────┼───────────────────┼───────────┤ │ Electrical panels (if FPE/Zinsco) │ HIGH │ $21,000-$35,000 │ Year 1 │ ├─────────────────────────────────────┼──────────────────────┼───────────────────┼───────────┤ │ Galvanized supply lines │ MODERATE-HIGH │ $42,000-$70,000 │ Years 1-5 │ ├─────────────────────────────────────┼──────────────────────┼───────────────────┼───────────┤ │ HVAC (14 units, likely window/PTAC) │ MODERATE │ $28,000-$56,000 │ Ongoing │ ├─────────────────────────────────────┼──────────────────────┼───────────────────┼───────────┤ │ Roof (reportedly <5 yrs) │ LOW (verify permits) │ $0 if true │ N/A │ ├─────────────────────────────────────┼──────────────────────┼───────────────────┼───────────┤ │ Total potential capex │ │ $171,000-$301,000 │ │ └─────────────────────────────────────┴──────────────────────┴───────────────────┴───────────┘ The experienced contributor's question — "how many layers are there?"

The (moderate) republican representative is a mayor of a large city in the metro area and was an officer, I believe in the navy.  

If monthly readings moderate, year-over-year inflation could improve naturally in coming months.This keeps the rate outlook mixed — not alarming.Pending Home Sales Dip — Likely Weather RelatedSigned contracts on existing homes fell 0.8% in January and were down slightly from a year ago.Winter storms in the South and Northeast likely slowed activity, while the West and Midwest posted gains.Meanwhile, new home contracts finished 2025 at their strongest levels in nearly four years.The bigger story: Lower mortgage rates could bring as many as 550,000 additional buyers into the market this year, according to NAR’s Lawrence Yun.The real question isn’t demand.It’s inventory.If supply doesn’t rise alongside demand, price pressure returns quickly.Housing Construction Improves — But Not EnoughHousing Starts rose 6.2% month-over-month in December.

Not until the moderators move your post into the Classifieds area.

Moderate population inflows.

Any thoughts on a portfolio of 9 condominiums (good moderately upgraded condition, Class B area in Midwest) vs. purchasing a single multi-family of similar number of units?  

BRRRR can work well for a first timer if:You keep the rehab light/moderate (cosmetic > heavy structural)You underwrite conservatively (don’t assume perfect ARV or rents)You have a solid local team (especially PM + contractor)Many first-time BRRRRs fail not because of the strategy, but because people bite off too much rehab or get aggressive with numbers.3.

It's in a B class area with moderate to high growth area.

By that time we would also have increased the cosmetic appeal of the first house to attract tenants more easily.Summary: Even though the monthly costs on the low money down primary would be very high for that type of property, the combination of appreciation (assuming 3%) and principal paydown per month (assuming 200-250) might make it more reasonable than renting for a few years, and the other house ideally would give us some low to moderate cash flow with similar appreciation and principal paydown to the first house.