Multifamily often wins long term because depreciation is larger, expenses are cleaner to allocate, and one acquisition can offset more income at once compared to 1–2 SFHs.

Before adjusting the price again, review comparable 2 BR units in 76549 that have actually leased, not just those currently active.For reference, a leasing agent’s placement fee is typically 100% of the first month’s rent.

I’d really appreciate hearing from anyone who has used low-down-payment + early refi strategies, OR compared this approach vs. waiting and saving longer. 

But down compared to what? 

For anyone investing in the Charlotte area, the supply conversation isn’t theoretical anymore — it’s measurable.Over the past 18–24 months, the region has delivered a substantial amount of multifamily inventory, with thousands more units still under construction.Here’s a rough breakdown by submarket (rounded estimates based on recent delivery and pipeline data):South End / Uptown / Lower South End• ~6,000–8,000 units delivered since 2023• ~4,000+ still under constructionThis is where concessions are the most aggressive. 4–8 weeks free is common in Class A.University / North Charlotte• ~3,000–4,000 units delivered• ~2,000–3,000 underwayHeavy competition at the $1,300–$1,800 price point.Huntersville / North Mecklenburg• ~1,500–2,500 new multifamily units• Continued build-to-rent expansionWe’re also seeing entire townhome phases release at once, which directly impacts investor-owned SFR pricing.Kannapolis / Concord• ~1,000+ units delivered• Additional mid-density and mixed-use projects in pipelineValue-add investors are competing against brand new product more often than before.Fort Mill / Indian Land (SC side)• ~2,000–3,000 units delivered• Several thousand still in progressSC lease-up velocity has slowed compared to 2021–2022 peaks.Union County (Indian Trail / Wesley Chapel / Monroe pockets)• Growing build-to-rent presence• Multiple SFR communities delivering in clustersAnd this doesn’t include scattered new construction townhomes that hit the MLS in waves.What This Looks Like in Practice (Managing 500+ Doors)Rent growth has flattened.We are not seeing 8–12% annual bumps anymore.

It's included for STR loan structure because generally short term rentals gross a lot more revenue compared to a long term rental but they have greater expenses such as cleaning between guest stays etc and the goal of the 20% expense factor is try to account for the STR expenses that are typical of a STR but not a long term rental.A triple net lease is a commercial lease term.

Focus on properties that are truly comparable to yours—for example, if you have a 2/1 with a garage, look specifically at other 2/1 units and prioritize ones with garages.

If your goal is to consolidate geographically, I would price test the resale market and compare net proceeds vs. what it would cost to replace that $2,000 per month cashflow elsewhere in your portfolio.

I’d focus on comparing true cap rates and operating costs across a few submarkets to see where the numbers genuinely hold up long term.

Start with conservative revenue assumptions using actual comparable STRs, not pro formas, then back into a max purchase price after accounting for all-in expenses like HOA, management, cleaning, reserves, utilities, and local regulations.