The renovation ought to be done and photos taken.  

There are companies who buy homes, renovate them, place a resident in, sell the property then manage the property as well on the back end.

Nothing is better than MLS access for before-renovation comps and ARV.

Lenders may ask for these when determining the post-renovation value.The After Repair Value (ARV) is key to your refinance.

@Jeff SkinnerRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

I personally do have experience with renovations, and being a landlord and have done a few flips some went well and some did not and I have learned some valuable lessons along the way.

It took a long time and renovation to get it back to where it was.This is our first investment property and it’s just gone so poorly.

Now that we have significant equity positions in renovated, stable properties, we want to move into even better neighborhoods with better schools and we'd like to scale our business by purchasing newer and larger multi-family properties (rather than groups of duplexes).

It's impressive that you secured a deal like this with no renovations and turned it around the same day.

I just read an article recently that noted "Avg Profits For Flipped Homes" of $80,000, however when you dig into the article and their sources, "Profit" is simply Sale Price - Purchase Price...so it doesn't consider renovation costs, holding costs, financing costs, etc.