Consider asset-based or local lenders.Since you own the building free and clear, you may have options with asset-based lenders or smaller regional banks that focus more on collateral and after-repair value than traditional underwriting.3.

That being said GENERALLY the affordable rent levels based on 60% of AMI 80% of AMI are adjusted every year.So if your area is doing well, median household incomes going up then the affordable rents should increase every year as median incomes increase.If the max allowed rent is $1200 and market rent is $1000, in addition to potential annual increases you would already have a built in buffer of $200 room to increase rents.  

Base rent might look reasonable but then you're hit with $15-20/sq ft in common area maintenance that keeps climbing.

It is also, based solely on your post, meaningless what the builder said.

Seasonal tourism from winter visitors—often referred to locally as "snowbirds"—also contributes to consistent demand for housing during peak months.For real estate investors, this tourism base helps support multiple property strategies, including vacation rentals, seasonal rentals, and long-term housing for workers in hospitality and service industries.Airport Expansion and Improved AccessAnother indicator of the region’s growth is the expansion of Palm Springs International Airport.Passenger traffic has increased significantly in recent years, prompting long-term infrastructure planning that includes terminal expansion, additional gates, and increased parking capacity.Current projections anticipate approximately three million annual passengers by the early 2040s.Improved air connectivity tends to support resort markets because it increases accessibility for vacation travelers, second-home buyers, and remote workers who split time between multiple locations.A Diversifying Regional EconomyWhile tourism remains central to the valley’s economy, several other industries are growing as well, including:healthcare and medical servicesrenewable energy developmentagriculture and food productionlogistics and transportationEastern Riverside County is one of the largest renewable energy zones in the United States, with significant solar and wind development.Economic diversification can help stabilize housing demand because it broadens the local employment base beyond a single industry.Infrastructure and Transportation CorridorsThe valley benefits from several major transportation connections.Interstate 10 runs directly through the region, linking Southern California to Arizona and the rest of the Southwest.

I've settled on my goals (long-term wealth accumulation) and strategy (buy and hold) and officially moving into the "action" phase.I am based in the DFW area and would love to connect with locals or anyone experienced in the Texas market.

Hi BiggerPockets Community,I’m an investor based in Israel, currently expanding my portfolio into the Columbus, Ohio market.

I'm based out of CA but know a ton of operators out in FL area.

@Ian Stuart isn’t that contrary to the whole commercial multifamily logic for valuing properties; Income based rather than comp based?

Each of us is different, but for me, cashflow is like oxygen, let me know how you do living without it. f I am selling a cash flowing asset, the new asset needs to make the same or better cashflow plain and simpleWhat I Feed Into the AI ToolFor the properties I'm leaving:— Current market value & remaining mortgage balance— Actual monthly cash flow (not projected — actual)— Cash-on-cash return— Cap rate based on current NOI— Appreciation over my full hold period— Replacement cost if I had to buy something similar todayFor the new property I'm evaluating:— Purchase price & projected financing terms— Broker's proforma (which in my experience is almost always literal bullshi*)— Actual T12 (trailing 12 months) income statement— Rent roll— Profit & Loss statement— Local market data including average rents by bedroom count, vacancy rates, job growth, population trends, and crime data.