Decreasing IRR over time, assuming you're not taking anything out over time, seems counter intuitive.

That is a great interest rate and in 27 years inflation has greatly decreased your debt and you have offset the payment to a tenant, and you have depreciated it over 27 years and got all those tax benefits.

High expenses, management problems, decreasing values?

Can we just talk about the recent 75% decrease in Real Estate Value in Flint, MI?

Doing so will slightly decrease your personal credit for a few months.

Of course you'd have Cap-Ex and property taxes which would decrease the cashflow.Is $174,900 a good price for the property in your area ?  

I estimated it will need 35 days to finish which is with $7000, please permit fee $1000 total. it comes up roughly $35k.right now, I am having some thoughts and concerns.1) the area is with a few break in for the staged properties, I am taking a risk of lossing the appliances and I heard after the break in, the realtor has to put that to the disclosure which might decrease the property value.2) I need to replace the dead tree of the public sidewalk, which I called many times to the city and no return calls, I plan to go to their office in the coming week.3)the dirt level too high under the crawlspace, I might need to have someone to dig out the dirt. currently it only has 6 to 8" on some areas.

If you buy right you should be able to increase not decrease your purchasing ability.

So it stands to reason you would want to grow capital as much as possible and leverage into larger value add deals and hold for the long term.When the market goes into high interest rate and prices mode there won't be many buyers and not as many sellers.Flips will decrease and long term holds increase.property management will be booming but I can't stand property management.So for now I am helping my sellers sell properties and make as much money as possible.By the time the cycle changes I hope to have a bunch of cash flow.

He does not use realtors to find tenants, so avoids that type of sizable expense.He'll decrease the mgmt rate by 1% for each 20 units you own, with a floor of 5%.It sounds appealing because many on this board gripe, with justification (Brian A is coming to mind), that PMs make more money when the unit goes vacant than when it is full.