But since this property is in Texas, the rules and processes may differ, so I wanted to check with the community.

And of course, 1031 just means I’m still in real estate, which matters depending on your goals.My conclusion: there’s no universal rule.

What’s your go-to formula or rule when analyzing deals?

And creating a separate management company does not override zoning rules, occupancy limits, or eviction laws.

The rules of Bigger Pockets prohibit us from offering you help on this thread, until the moderators move your post into the Classifieds section.

A common rule of thumb is 3–6 months of expenses.

@Jeff HudakNon-conforming only means that zoning rules have changed since the building was built or due to its occupancy.

Columbus has great fundamentals with strong job and population growth, companies like Intel, Amazon, and Google investing heavily here, and properties still hitting the 1% rule in the $120–180K range.

Two quick tips: verify rent with on‑the‑ground data (PM rent comps, recent leases, and active listings nearby) and check lease terms plus local rules so you know how and when you can raise to market.What rent range are you seeing for renovated units on that block, and what are the current lease terms on the occupied side?

You can still find properties in the $120–180K range that hit the 1% rule and cash flow right away, which makes it an attractive market for out-of-state investors.