So, the basement expansion would make it a 3 bed/2 bath on BOTH sides, dramatically increasing the rent it would fetch.

As sort of an expansion of the original question, is there a critical mass of possible contacts below which a direct mail campaign doesn't really work?

This can be a show stopper and may hold up your expansion plans until you file the next tax return.Thirdly, try to find a lender that will do up to 10 loans.

If so, you're way too low.Water Heater = $400That will cover the water heater and expansion tank, but not the labor.

I will definitely do any future expansion carefully.

Here's what I know:The city of Corpus Christi has a 3-yr apprciation rate of 5.9%The city of Corpus Christi has a 1-yr apprciation rate of 6.7%Zillow predicts that the neighborhood will appreciate at 7.4% in the next year.The house is on an island, so expansion is limited but has not yet capped as there are still vacant lots scattered in this area.This address is in the best school district of the metro areaThe city experienced 10% net population growth 2000-2010The city's two main college campuses had a combined enrollment of over 22000 students in 2011.The city's top ten employers are in the sectors of military, education, health care, contruction, government, and grocery (local grocery chain headquartered there)The house is a 3 bed 2 bath, which is on the small side of avg for this area.What more what YOU need to know before deciding to invest in this area?

I'm a big believer in the power of leverage and will leverage the max(while still cash flowing $100-$150/door) I can right now on my investments for more rapid expansion.

Most rehabbers that i know don't pull permits for anything other then serious structural work that changes square footage (room additions, expansions) and other new beneficial additions that need to be reflected on the title or public records (new HVAC with ductwork, changes of gas water heater to electric, etc).Hire a good good licensed contractor to give you an unofficial honest opinion for a nominal fee, make notes of everything he says, then hire an official inspector, see what he finds and also point out the things contractor mentioned to discus further.

Hired contractors to remodel the basement and fix many other issues this old building has, including a slightly tilted front porch due to the expansive soil in the foundation.

., yeah, maybe a little expansion.