Investors often buy doubles in Orleans and then house-hack or rent out both sides.Strategy fit: If you’re looking for appreciation and don’t mind more management complexity, certain parts of New Orleans can make sense.

Here’s the breakdown:Demolish 7 Manufactured Homes & Convert to RV Sites:Cost: ~$60,000 for demolition and RV site preparation.Expected Income: 7 sites at $700/month each = $4,900/month.Address Squatter & Renovate Third Home:Cost: ~$30,000 for squatter removal and renovations.Expected Income: Rent at market rate of ~$1,500/month.Renovate 3 Cottages:Cost: ~$50,000 per cottage ($150,000 total).Expected Income: 3 cottages at $1,500/month each = $4,500/month.Renovate 2 Occupied Homes:Cost: ~$25,000 per home ($50,000 total).Expected Income: Increase rents to market rate of ~$1,800/month each = $3,600/month.Financial ProjectionsTotal Investment:Mortgage: $500,000.Renovations & Development: $290,000 ($60K RV sites + $30K third home + $150K cottages + $50K homes).20% Contingency for Overages: $158,000.Total Estimated Cost: ~$948,000.Projected Monthly Income:RV Sites: $4,900.Third Home: $1,500.Cottages: $4,500.Renovated Homes: $3,600.Total Gross Income: ~$14,500/month.Projected Net Income: $9500/month after expenses ($5,000/month carrying costs).Timeline: Approximately 2 years to complete renovations and stabilize income.My ConcernsI’m hesitant to pull the trigger on this deal due to the high upfront costs, the complexity of managing renovations

It’s more complex, but it’s how some people bridge the gap between a simple sale and full-blown development.If you’d prefer less risk and headache, selling directly to a reputable developer now might actually give you a better outcome than rehabbing, since they’ll pay based on the land’s future potential, not just the house’s current state.Bottom line is weigh your risk tolerance.

I currently need one to help with some paperwork about earthquake retrofitting the small apartment complex.

For investors newer to CRE or notes, I’d say the key is making sure you’ve got strong underwriting and legal guidance on collateral assignments, since the mechanics can get complex fast.

We are doing exterior paint of the building, new lighting in the parking lot, exterior fence around the perimeter of the complex, and a new monument sign to help with tenant exposure.

They’re frame of reference seems to be the rentals they and their friends had in their late teens and early twenties where they broke the lease in a low end high turnover apt complex and management had made the decision that doing anything more than sending a few threatening letters to people with no assets was not financially viable.  

You've added some complexity with your structure so you'll want to consult and use a cpa that knows how to handle rental properties!

Its highly complex and your unknown-unknowns will absolutely crush you. 

Generally speaking, moving towards the 'safe' end of the spectrum adds cost, complexity, and/or hassle.