easy to build, rent, refinance repeat. might not be your market. look at the underwriting model. we underwrite every deal not only with fresh comparable but market economics change. land costs go up or down, construction costs go up or down, design modifications improve the property, comp sets can get more favorable or less favorable.

A novice question ... will the value of the property decrease if Homeroom do the modifications to accommodate more bedrooms and convert living area to bedroom? 

We do a tenant orientation at the property when they sign the lease and go over the specifics, one of them is no modifications, no painting walls and ... nail holes.We actually provide them with 2 packs of command strips and show them how to use them.

This would be a significant modification to the underlying collateral and I’m sure it would be prohibited in your loan docs.

They may offer solutions like loan modification or forbearance.

Each situation is unique, if they need to make modifications to the property, for example adding wheelchair ramps etc., I look at worst case of what would it cost to roll-back all changes and add that in. 

A continuing resolution continues the pre-existing appropriations at the same levels as the previous fiscal year (or with minor modifications) for a set amount of time.[1] Continuing resolutions typically provide funding at a rate or formula based on the previous year's funding.[3]If you scroll down to 2025, you'll see the government is funded through 3/14/2025. 

@Johnny English Likely not 100% but there are other factors and limitations to consider (business income, type of vehicle, possible modifications to the vehicle, etc.) and doing so is outside the scope of this thread. 

If you are prepared for the costs involved and the modifications needed to the property to make the basement unit conform, the pay off of creating an extra rent producing unit is huge. 

MIchael was kind to share his with me and it made a solid base for the modifications we made - thanks again Michael!