Light scuffs and minor nail holes usually fall under normal wear and tear, especially after a full lease term, while dents, holes, or gouges in drywall that need patching and repainting are typically chargeable.

Asking price is about $209,000.Here’s what I’ve noticed so far:Foundation work: definitely needs to be inspected, most likely repaired.AC: 4 new units, 2 fairly new, 1 old.Roof: needs inspection.Exterior: trees need to be removed, new windows needed, new front porch, repainting, trim, fixing wood rot.Parking/Access: back parking lot probably needs to be redone, back stairs may need to be replaced.Financials:Cash flow is projected around $30,000/year.Cash return sits in the 12–14% range based on my analysis.Here’s my hesitation: a big commercial real estate guy I spoke to locally told me this kind of property would turn me into a “slumlord” and that I shouldn’t touch it.On the flip side, the cash flow and return numbers are attractive—especially at this price point.

There is no way you can do that if you’re constantly being contacted by the property manager about a new late payment, a new eviction, or a new vendor that needs to be sent out to repaint your newly vacant property.Greene' personal story as an example: When I first began investing, I was investing only in B+ properties.

I've had turns, 1 repaint, all paid via damage deposits. 

For the last 5 years, my units have been 100% occupied with high-quality professionals until now i'm repainting all unit and selling the building .My Strategy & Key Takeaways:Target Demographic: Being only 10 minutes from the Illinois Medical District (Rush, Mount Sinai, Stroger/Taylor), I focused heavily on traveling medical professionals and nurses.Quality is King: I didn't go the "cheap" route.

doesn't make sense to treat the house then throw all the stuff away, and replacing the carpet and repainting the entire house2.

Only turnover I had that cost that much was an eviction and that required hauling away a lot of junk they left behind, repainting, lots of cleaning, etc.

You will be amazed at the difference once you air it out, replace the flooring and repaint the entire inside of the house. 

I don't see a repaint for a long time.   

Other income streams - are we topped out, or do you think you could start generating parking fees by installing carports, charging for surface spaces, repainting & fixing up the garages?