Where cozy means tiny and charming means needs work.
A property requiring operational or physical improvements to increase its income and value, typically involving renovations, better management, or repositioning. It's the investment thesis that assumes you're smarter than the previous owner—sometimes correctly.
Official permission to deviate from zoning requirements, granted by local government when strict application would cause hardship. It's a get-out-of-jail-free card for zoning violations you'd like to commit.
The percentage of rentable space sitting empty and generating zero income, serving as a referendum on your property's appeal and your pricing strategy. Low is good; high means you're bleeding money.
A property purchased below market value where investors improve it to increase returns. A 'fixer-upper' with a business plan and investor-speak.
A small entrance hall or foyer that connects the outer door to the interior of a building, often serving as a transition space that provides some climate control and privacy. In anatomy, it also refers to a small cavity or space, particularly the central cavity of the inner ear.
An unoccupied position, space, or place; an empty room or job opening. It can refer to physical emptiness or an unfilled position in employment or housing.