While searching for the tax optimizing strategy, the real estate professional status seems attractive.

The city has been adding new affordable housing and investing in neighborhoods, so it’s worth keeping an eye on.Overall, the Double Track rail project is making all of NW Indiana more attractive to Chicago commuters, which is good news if you’re holding or flipping near those lines.

Rent-ready homes attract the best tenants, who tend to stay longer, ultimately saving you money in the long run.

Personally, I like to see signs of organic population growth rather than speculative vacation traffic, because when people are moving in for jobs and schools it usually means steady long-term rental demand; on the flip side, I’d be cautious about towns that look attractive just because they’re “near the water,” since insurance costs and flood maps can change quickly, and that can eat into cash flow if you’re not careful.

Quote from @Andrew Street: Those types of properties can definitely draw extra attention and help with marketing, but they can also attract more “lookers” than actual paying guests.

It might be less attractive for those focused on maximizing market rents or STRs.Curious what you all think:Would you consider building an ADU under these terms?

There's no doubt that $650k is an attractive price but if you do want to proceed I would see about reducing the downpayment to something lower so you have cash to prepare for the renovations and cap ex.  

Maybe edit the title of this post to attract local agents.And maybe try out the deal calculators on this platform, I believe you can analyze 3 deals for free -you didn't provide any numbers here for us to really chime in.It doesn't sound like this is your first cruise so I'm assuming you have a team assembled and cash reserves in place to cover vacancy/cap x, and repairs etc..I wouldn't kill myself to find a cash flowing deal at the moment - those are challenging right now, but I would more so strive for something that allows you to break even.

The insurance industry calls them an attractive nuisance and they add a lot of liability.With a 4-plex, it seems you have the worst of both worlds. 

If you are not getting showings, you are not attractive.