Deal Diary: The $80K Deal That Turned Into a 24-Unit Building

Remington Lyman, a Columbus-based real estate investor and brokerage owner, transformed an $80,000 acquisition into a 24-unit apartment building, demonstrating how disciplined deal sourcing and value-add strategies generate portfolio scale.

Lyman now controls approximately 100 residential units across multiple properties, plus four commercial deals. His portfolio anchors include the 24-unit apartment building and a 24,000-square-foot warehouse, both positioned in the competitive Ohio market where acquisition costs remain relatively modest compared to coastal metros.

The $80,000 entry point signals either a deeply distressed property, a small single-family home conversion opportunity, or an off-market wholesale deal common among active investors who build broker networks. For a building that eventually housed 24 units, the initial basis would have demanded substantial renovation capital and possible expansion, renovation, or creative financing to reach stabilized income.

This deal structure matters for different market participants. For buyers, it underscores the value of off-market sourcing and willingness to execute on distressed assets others overlook. Sellers benefit from investors like Lyman who close quickly on unconventional properties. Landlords see proof that disciplined rehabs and unit maximization drive returns in secondary markets like Columbus, where Class B and C multifamily properties still trade at reasonable caps. Tenants typically benefit from refreshed buildings that attract professional management once stabilized.

Lyman's dual role as investor and brokerage owner positions him with information advantages. His brokerage generates deal flow while his investment portfolio compounds that expertise into tangible assets. This vertically integrated model reduces transaction friction and improves deal sourcing speed.

The Columbus market continues attracting investor attention due to moderate construction costs, steady employment, and cap rates that exceed coastal markets by 100 to 200 basis points. A 24-unit