Every time I finish writing a series, I feel a little lost about where to pick back up and start writing again. I just completed my series about starting your personal finance journey later in life, and I really enjoyed writing it.
So this week, while trying to figure out what to write next, I had Dr. Slater’s article about decision fatigue fresh on my mind. At the same time, we’ve been evaluating another laundromat deal and a commercial building purchase, which have slowly consumed more and more of my mental space over the last few weeks. So naturally, I landed here.
The motivation for writing this article is honestly pretty selfish. I’m trying to dig myself out of decision fatigue surrounding this deal, and I’m hoping that by the end of writing this, I’ll either decide to move forward or finally drop it like it’s hot. And if someone learns something about evaluating business deals in the process, that’s just a bonus.
The Deal
We have been actively looking for another laundromat to purchase for the past 6 months. We are cold-calling laundromat owners and evaluating at least 3-5 deals a week. Some of them are not in ideal locations, while others
don’t make sense financially.
The deal in question is a building I actually inquired about around Christmas, but they were not ready to sell at the time. When it came back on the market a few weeks ago, I immediately scheduled a showing because I thought we would probably put an offer in right away.
First impressions
The opportunity is a commercial building with one side functioning as an abandoned laundromat and the other side serving as an open-concept space, most recently leased to a church for gatherings. The property is rundown, to say the least, and the laundromat would need a near-total remodel. But even with that, I left our first showing excited. My creative juices were flowing, and the ideas had me thinking about it nonstop for days.
I immediately called our contractor, machine maintenance guys, electrician, and plumber to get their eyes on the property and give us their thoughts. This kind of project is honestly my jam. Bringing life back into an abandoned laundromat after 18 months is exactly the kind of challenge I enjoy. While we were viewing the property, a local resident even walked by, asked if we were the new owners, and told us how badly the community wanted and needed the laundromat reopened. That conversation stuck with me.
Initial pros
The obvious upside is the opportunity to get into commercial real estate and actually own the building ourselves. I have a great relationship with our current landlord, but there is still something in me that hates asking permission to do things I want to do. It is appealing to have control, potentially lower our effective lease costs, and create additional income from the second commercial space.
Another major upside is that the property is in the same city as our current laundromat, which matters a lot operationally. We already understand the market, know the customer base, and have a team in place. Expanding into another location within the same market would be significantly easier than entering a completely new city.
The layout is also appealing, as the building has multiple storage areas and even the possibility of adding a drive-thru for wash-dry-fold services in the future. Our current laundromat constantly forces us to get creative with storage and workflow, and this building would eliminate many of those limitations.
Initial cons
One major concern, especially for my husband, is the surrounding area. There is a large homeless population nearby, and there was evidence someone had been sleeping behind the building recently. Because the laundromat has been closed for roughly 18 months, there have also been issues with break-ins and vandalism.
The other major concern is distance. While it is still in our broader market, the property is about two hours away from home. Managing a large commercial renovation remotely adds a completely different level of complexity and stress.
Numbers
This is where the deal started becoming more real for me.
The purchase price of the building is $180,000, which honestly feels inexpensive given the amount of square footage (about $35/sq/ft), the commercial opportunity, and the existing laundromat infrastructure already attached to it. At first glance, it feels like one of those opportunities that is difficult to ignore. But then the rest of the numbers start showing up.
The laundromat currently has 28 washers, 14 dryer stacks, and 2 larger dryers. The equipment is older, and while some machines may be salvageable, realistically, we would likely either replace everything with refurbished equipment at around $75,000-100,000 or install mostly new equipment at closer to $250,000. Neither option is cheap.
Then come the renovation estimates. Right now, our rough projections are around $150,000 for the laundromat renovation, another $50,000 for the commercial lease side, and likely another $50,000 for parking lot work, exterior improvements, lighting, signage, and cleanup. And honestly, those are still early numbers.
That also does not include carrying costs during renovations, insurance, utilities, possible environmental studies, security upgrades, interest expense, or contingency funds for the inevitable surprises older commercial buildings seem to uncover once walls start getting opened up. Suddenly, what initially looked like a $180,000 building starts looking much more like a project that could realistically require several hundred thousand dollars to fully execute.
At the same time, the upside is real too. If successful, we would own the commercial real estate, potentially generate lease income from the second side of the building, reopen a laundromat that the community appears to genuinely need, and create another long-term cash-flowing business in a market we already understand well.
That is what makes these kinds of deals mentally difficult. The upside can feel incredibly exciting, while the unknowns pile up at the same time.
When Opportunities Become Heavy
So far, all of this sounds great. Honestly, even while writing this article, part of me still leans heavily toward “let’s do this.” But somewhere between the contractor walkthroughs, lender conversations, spreadsheets, and unknowns, the opportunity stopped feeling exciting and started feeling mentally exhausting.
I think this is something a lot of medical professionals, business owners, and high performers experience. We get used to operating under pressure and making decisions constantly. In medicine, you are trained to process information quickly, manage uncertainty, and make judgment calls even when you do not have perfect information. Business ownership feels very similar sometimes, except the decisions follow you home.
The hard part is that high performers usually do not struggle because they are lazy or incapable. They struggle because they care deeply about making the right decision. You keep replaying scenarios in your head, wondering what you missed, questioning whether you are underestimating the risks or about to walk away from a major opportunity.
Eventually, what started as excitement slowly turns into mental exhaustion.
Due diligence
When evaluating a commercial deal like this, you enter a preliminary due diligence phase to determine whether the deal even warrants a serious offer. If the numbers still look realistic enough after those initial conversations, the next step is usually to submit an offer or Letter of Intent (LOI). From there, if both parties agree, you move into a formal contract and due diligence period that may last anywhere from 60-90 days, depending on the complexity of the project.
That is when things intensify into inspections, contractor bids, financial reviews, environmental evaluations, structural concerns, and financing approvals.
Reminder: I have never purchased a commercial building before. But I have been around real estate long enough that the process itself does not scare me. What mattered most to me was determining whether the deal was financially worth pursuing before getting emotionally committed. Because ultimately, I am the primary decision maker on deals like this, and I take that responsibility seriously.
Lender conversations
The lender conversations were actually incredibly helpful because I am much more familiar with residential investing than commercial financing.
The general structure we discussed would involve us personally purchasing the building, while the laundromat LLC leases the laundromat space back from us and handles the renovations and operations. We explored multiple options, including personally funding the deal, bringing in private investors, SBA financing, and conventional commercial loans.
There are essentially two SBA loan options available, SBA 7(a) and SBA 504. These vary in terms, usage options, rates, and flexibility. If we move forward with SBA financing, we would likely be looking at SBA 504 because it could potentially combine both the acquisition and renovation costs into one loan with favorable terms and lower down payment requirements.
Another option would be to use a conventional loan for the building purchase while privately funding the renovation, or to use an SBA 7(a) loan separately for improvements. We already have a relationship with a private lender from our purchase of laundry equipment last year, so that remains an option as well.
A large part of these conversations also revolved around personal guarantees, financial statements, and proving operational experience. I used the personal financial statement template that Dr. Slater put together for the blog last year, which was very helpful.
Contractor Walkthroughs
One thing I learned quickly after signing our first commercial lease is that commercial properties can become expensive very fast. HVAC systems alone can easily cost tens of thousands of dollars to replace. Because of that experience, we brought in multiple people to evaluate the building early.
We completed plumbing inspections, electrical walkthroughs, HVAC evaluations, roof and structural evaluations, and equipment inspections. A lot of unknowns remain because there is currently no active power to the building, which limits what can actually be tested.
Our maintenance guy believes some equipment could potentially be repaired, but realistically, much of it is older than what we currently operate. Most likely, we would either install refurbished equipment or replace it entirely. We also evaluated the demographics of the surrounding community to determine whether the market could support another laundromat. That part of the analysis actually gave me confidence because the demand appears real.
Unknowns
Still, there are a lot of unknowns attached to this deal.
At one point, questions came up about whether the property may have previously operated as a gas station. One former owner believed it had simply been a convenience store, while someone else in the community insisted it had once been a gas station. If underground fuel tanks were ever involved, that opens the door to significant environmental testing and potentially massive expenses.
There are also no financials for the laundromat available, as the previous operator disappeared long ago. No repair history. No operating data. No clear understanding of what problems existed before closure. We are essentially evaluating a business without historical records while also assessing a commercial building with multiple potential renovation surprises.
That uncertainty carries weight.
Best-case vs. worst-case vs. most likely case
One thing Dr. Slater talked about in his article on decision fatigue was evaluating the best-case scenario, worst-case scenario, and the most realistic outcome when making difficult decisions. I have actually found myself doing this naturally throughout this process, probably because there are so many unknowns attached to this deal.
Best Case Scenario
Best case, we buy the building on favorable financing terms, renovate the laundromat successfully, lease the additional commercial space, and create a strong cash-flowing business while also building equity in the real estate itself.
The laundromat becomes successful because the community truly needs it, and we already have systems, staff, and experience from our current location. The additional lease space creates another stream of income that helps offset the building expenses and stabilizes the overall property. The building appreciates over time, we continue expanding wash-dry-fold services, and eventually, we look back at this as one of the best opportunities we almost talked ourselves out of. Honestly, this is the version of the story my brain keeps coming back to. This is the exciting part of entrepreneurship. Seeing something rundown and imagining what it could become is what gets my creative juices flowing.
Worst Case Scenario
Worst case, the project becomes significantly more expensive than expected. The plumbing, electrical, roof, HVAC, environmental concerns, and renovations continue stacking on top of each other until the project becomes financially exhausting. The laundromat underperforms, the commercial space remains vacant, vandalism and crime continue to be issues, and we are left managing a stressful project from 2 hours away while carrying significant debt. Maybe we underestimate the operational complexity. Maybe construction drags on. Maybe interest rates or cash flow become tighter than expected. Maybe the stress of the project is starting to affect other areas of our lives and business. And honestly, that possibility is real too. Commercial projects have a way of uncovering expensive surprises very quickly.
Most Realistic Scenario
The most realistic outcome is probably somewhere in the middle. Some things will likely go better than expected, and some things will absolutely go worse. The renovation will probably cost more and take longer than we initially hoped. Unexpected problems will come up because they always do. There will probably be moments when we question why we decided to do this at all. But the laundromat may still work. The location may still prove strong. The building may still cash flow over time. And if we are intentional with financing, renovations, and risk management, the deal could still become a strong long-term asset even if it is not perfect.
And honestly, I think this is where decision fatigue becomes difficult as a business owner. At some point, every deal stops being about spreadsheets and becomes a question of risk tolerance, mental bandwidth, and whether the opportunity fits the kind of life you actually want to build, because not every opportunity is good just because it could work.
Could the Numbers Actually Work?
This is where my brain really started spiraling a bit, because eventually you stop talking about ideas and start trying to determine whether the numbers can actually support the level of risk and work involved.
Our biggest estimate came from our laundromat equipment and operations guys. Based on the market, location, and size of the laundromat, they estimated revenue potential somewhere around $15,000 per month on the self-service laundry side alone. That estimate does not include any future wash-dry-fold income, vending, or additional commercial lease income from the other side of the building.
At first, $15,000 per month sounds incredible, but laundromats also have significant operating costs. Utilities alone are estimated at around $3,000 per month. We would also likely pay around $2,000 per month for cleaning and day-to-day store upkeep. Insurance would likely increase by another $200 per month, and because we would personally own the building and lease the laundromat back to the LLC, we would likely structure some sort of lease payment around $2,000 per month as well.
That means before even factoring in repairs, maintenance, reserves, supplies, software, taxes, or debt payments, we are already somewhere around $7,200 per month in estimated expenses. If we roughly estimate $15,000 per month in gross revenue minus approximately $7,200 per month in operating expenses, that leaves around $7,800 per month before debt service and larger unexpected repairs. Annually, that could look like around $93,600 before debt payments.
And honestly, this is where commercial deals become mentally dangerous, because depending on how optimistic or conservative you want to be, you can make the spreadsheet say a lot of different things. If the total project ended up somewhere around a $180,000 purchase price, plus $250,000–350,000 in renovation and equipment costs, along with contingency funds and carrying costs, then realistically, this could become a $500,000+ total project very quickly.
At the same time, if the laundromat performed close to projections and the additional commercial side remained leased, the property could become a strong, long-term cash-flowing asset.
That is what makes the decision hard. The numbers are not obviously terrible, but they are also not so overwhelmingly amazing that the risk disappears either.
The Real Decision
The more I think about this deal, the more I realize the hardest part is not determining whether the numbers could work. The hardest part is deciding whether the risk is worth potentially disrupting something we have already worked incredibly hard to build.
Right now, we own a laundromat that is doing well. More importantly, we have created something special there. We know the business, we understand the customers, the systems are working, and we have momentum. There is real value in that stability, especially in a business that took so much effort to get to this point.
That is what makes this decision difficult for me. Because while this new opportunity could absolutely work financially, it would also require a massive amount of attention, oversight, and risk. The property is far away, which means I would constantly be pulled away from our already busy home schedule to manage renovations, contractors, equipment installs, inspections, and unexpected problems.
And honestly, that part makes me nervous. Not because I am afraid of hard work, but because I understand how quickly projects like this can spiral if things go wrong. Renovations go over budget. Timelines get delayed. Equipment issues happen. Contractors disappear. Unexpected repairs show up. And suddenly what looked like a good investment becomes a financial drain that consumes your time, energy, and focus.
On top of that, there is already a lot going on in my personal life right now. Taking on a project of this size would require a tremendous amount of mental bandwidth, emotional energy, and day-to-day attention. And the more honest I am with myself, the more I realize I would probably need to offload parts of my current plate before taking something like this on responsibly.
That realization matters. It is not just about whether I can technically handle more work; it is about whether adding more responsibility right now would actually improve our lives and business, or simply create more stress and fragmentation in our laundromat.
I care deeply about the money involved here. A project of this size is not a small side project. This would likely amount to several hundred thousand dollars once renovations, equipment, and carrying costs are included. That is real money. The kind of money that can either accelerate your future or seriously hurt you if things do not go according to plan. And I think that is the part I keep coming back to internally. I do not want to make a decision that jeopardizes what we already have going. I do not want to stretch ourselves too thin. I do not want to lose focus on the laundromat we already own, chasing another opportunity simply because it looks exciting on paper. Most of all, I do not want to bust.
That may sound overly cautious, but I think there is wisdom in acknowledging risk rather than pretending it does not exist. As business owners, it is easy to convince ourselves we should always expand, always scale, always chase the next opportunity. But sometimes protecting what you have already built is the smarter move. I still do not fully know what we are going to do. But I do know this process has forced me to think carefully about the difference between opportunity and alignment. Just because something could work does not automatically mean it is the right move right now.
Conclusion
Maybe by the time this article publishes, we will have submitted an offer. Maybe we will have decided the project is bigger than we want to take on right now. Or maybe I will still be sitting here rerunning spreadsheets and renovation scenarios in my head at midnight. But I do think this process helped me better understand the decision fatigue Dr. Slater wrote about last week. The hardest part of business ownership eventually stops being finding opportunities. Opportunities are everywhere. The hardest part becomes deciding which opportunities deserve your time, energy, money, and mental space.
And for high performers, I think that becomes especially difficult because we are wired to believe we should be able to handle more, build more, optimize more, and pursue more. But sometimes the most important business skill is not identifying an opportunity. It is learning discernment. Learning which opportunities align with the kind of life you actually want to build, and which ones simply add more pressure, complexity, and exhaustion.
And honestly, I am still trying to figure that out in real time, too.