When it comes to real estate investment, one common dilemma is whether to purchase a single larger property or multiple smaller ones. Let's weigh the options between buying one 4-bedroom condo versus four 1-bedroom condos for the same price.

1. Rental Income Potential

• Four 1-Bedroom Condos: With four separate units, you can generate multiple streams of rental income. If one unit is vacant, the others can still bring in revenue, reducing overall vacancy risk.
• One 4-Bedroom Condo: Renting a larger condo can be more challenging, as it appeals to a narrower market (e.g., families or groups of roommates). However, it might command a higher rent from a single tenant.

2. Appreciation and Resale Value

The common phrase 'a rising tide lifts all ships' applies to real estate markets too. All 5 units will appreciate along with the general market. The one bedroom condos would most likely sell faster, although, you probably wouldn't want to list them all at the same time as you would be competing against yourself. 

The four bedroom condo would be in the luxury price range. Homes in the upper prices ranges take longer to sell because there is a much smaller market. 

3. Management and Maintenance

• Four 1-Bedroom Condos: Managing multiple properties means more tenants, more maintenance issues, and potentially higher costs. It can be time-consuming unless you hire a property management company. 
  
  With the four 1 bedrooms condos, you will have 4 of everything -  4 refrigerators, 4 stoves, 4 washer/dryers, 4 HVAC systems, and more. Expect the maintenance costs to be higher. 
   
• One 4-Bedroom Condo: Easier to manage with just one set of tenants and maintenance issues confined to a single property. This can be less stressful and more cost-effective in terms of time and resources.

4. Diversification

• Four 1-Bedroom Condos: Owning multiple units allows for diversification. You can have varying start and end dates and different  lease lengths. You will always have some rental coming in. 
  
  
• One 4-Bedroom Condo: Putting all your investment into one property can be riskier. If the area or the larger condo market faces challenges, your investment is more exposed. 

5. Flexibility in Selling

• Four 1-Bedroom Condos: You can sell units individually, providing more flexibility if you need liquidity or want to adjust your portfolio over time.
• One 4-Bedroom Condo: You must sell the entire property at once, which limits flexibility in selling part of your investment.

6. Vacancy Risk

• Four 1-Bedroom Condos: Multiple units allow you to spread vacancy risk. If one condo is vacant, you can still collect rent from the other three.
• One 4-Bedroom Condo: If your sole tenant leaves, you face a 100% vacancy rate until you find a new renter, increasing financial risk.

Conclusion

If you're looking for diversified income streams and potentially quicker appreciation, four 1-bedroom condos might be the better choice. They offer flexibility, a broader tenant base, and reduced vacancy risk. On the other hand, if you prefer simpler management and are targeting families or a specific high-end market, a single 4-bedroom condo could be more suitable. Ultimately, your decision should align with your investment goals, risk tolerance, and management preferences. 

There is no right or wrong answer to the question of which would be better. What we didn't delve into are the costs - condo fees, financing costs and potential rents.