Three markets, three playbooks — and only one we’d actually buy.

This week we underwrote three properties across three different playbooks. Here is where each one landed.

Chicago, IL — Logan Square two-flat (BUY). At an 8.1% cap after a light cosmetic reno, this two-flat works as a classic buy-and-hold and even better as a house hack: live in the top unit, let the bottom carry the note. The numbers hold even with conservative rent assumptions.

Las Vegas, NV — Spring Valley 3/2 flip (PASS). On paper the spread looks healthy, but the ARV comps are running about 9% soft against recent closed sales. Once you price the resale realistically, the margin evaporates. We pass.

Cape Coral, FL — Gulf-access canal home (CONDITIONAL). As a short-term rental this one finally pencils after the insurance reset — but only if you self-manage in year one. Hand it to a 25% property manager and the cash flow goes negative. A conditional buy for a hands-on operator.

The full underwriting, rent rolls, and exit math follow below.