Mr. PFL and I ruled out the 5-unit place. I hope someone else will have the time and money to make it beautiful again.
I’m going to do a drive-by on a 4-unit place in a different part of the city. There are a few blocks of a neighborhood that are really nice, and it continues to expand. This 4-unit place is on the “right” side of the main road that cuts through the neighborhood, so I’m curious to see how this block looks. There is also a mystery-number of units in another building about a block away, on the main road. That one might have potential, too, but there really isn’t much information available, yet.
Why do I keep looking for more real estate? I think the answer is three-fold:
1) I am worried about cash-flow. Mr. PFL and I will always need money, and if we intend to be out of the real workforce for 40 or more years, we need to produce income; and
2) I’m getting antsy for another project. Now that we’ve fully decompressed from the very intense renovation experience at BD (6-unit), I think we’re ready to get our hands dirty again. There is something very cathartic about manual labor for me. I also like the creative design process. Mr. PFL and I both have an underlying artistic side, but neither of us can express it in a traditional art form (painting, sculpture, etc.). We are able to be artistic when it comes to property, both inside and out, and we both enjoy the process, even though it can be very stressful; and
3) If we do decide to buy another property, we need to do it while we still have jobs. It will be easier to get a loan, if necessary, for example. It will also be easier to front the initial renovation costs when we have cash-flow from another source.
So, I’m going to check these out and, if they look promising, set up a showing.
I also need to sketch out the plans I have to renovate our house on the interior. I’ve got some big plans in my head, which may or may not be worth doing. I also need to figure out how permitting works for renovations since some of these ideas are pretty extreme (adding one or two bathrooms, and removing a shower in another, for example). I’ve got to get them on paper so I can stop obsessing.
UPDATE: 4-unit is a no-go. A couple blocks too far from the good streets and no glimpses of investment nearby. The other place is huge (maybe 15 units) and I have actually been there before as a guardian ad litem through my attorney job. The location is much better and has potential.