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April 2022 update ($2,224)
Just acquired a performing 4 unit property. The utilities are all landlord paid for this building. Rather than invest tens of thousands into splitting utilities, we decided to try converting all the units over to 30 day minimum furnished rentals. The main target clientele is traveling nurses.
There was a vacant unit on acquisition and we had it cosmetically updated and furnished, and rented to a short term tenant, within a month! We are getting $2,500/month for this one unit for a few months. Not bad at all.
We conservatively expect neutral cash flow from this property through the end of 2022, as we’ll be dealing with existing tenants, vacancies and renovations.