You still need to do your homework to properly evaluate.3) Red states only: Michigan is a swing state4) Mandatory lead paint inspections: City of Detroit suspended this requirement in APril, 2025.5) Local agent: City of Detroit doesn't require, but suburban cities of Eastpointe, Hazel Park and Warren due.

:) If you're not evaluating adjusting rents annually, then this is more a hobby than a business venture.You don't necessarily want to chase market rents to the "penny",  but no increases is usually a sign of lax management.For the condo with numerous special assessments - what is the HOA projecting for the next 2-3 years?

Pay an PM and the profit is significantly reduced 4) alternative below market financing such as assumable, owner finance, wraps, sub to, etc 5) path of progress.

Evaluating using a current T12 accrual basis is a major mistake when looking at Revenue as accrual revenue is simply a lie.

Happy to give updates as this one progresses 💪

When it's time for a draw, I may come and look at your progress.

How about someone who actually evaluated or moved forward with this strategy?

My question to you is how does Figure.com evaluate the ADU.  

I evaluate affordability holistically, not just “3x rent,” by looking at total monthly obligations and income stability.

Alex — one thing I’ve found helpful when evaluating out-of-state multifamily is separating headline cash flow from execution risk.A lot of deals pencil well until you layer in:property management quality (especially on small multis),local rent enforcement norms,and refinance or exit liquidity in secondary markets.Before comparing markets, I usually ask two questions:Are you optimizing for near-term cash flow or longer-term equity + stability?