I'm up in that area pretty frequently.

I know this may not be frequented, but it still makes me consider venturing off into that lane.

Haha...we do frequent Abuelo's pretty often!

Terms I see frequently in Chicago are something like this:90% loan on acquisition and rehab2-4 points11-14% interest

I worked in law firms for 1/4-century, where I was the real estate specialist, and this happens more frequently than not. 

@Steve S.When the intention is to BRRRR, I frequently recommend asking your loan officer to quote you a rate where the rebate covers the closing costs.  

@Brian Burns, I have a very targeted neighborhood, and walk it frequently with my husband and children.

Yes, this happens and naive sellers fall into this pit frequently & easily. 

As another datapoint, I frequently check the web traffic of the big players as a proxy of popularity, investor views, etc.  

So I feel 1% allows me to account for a little adjustment)Vacancy Rate = 11%Closing Costs = 2%Selling Costs = 6%Cleaning and Maintenance 0.8%Property Management = 11%Repairs = 8%CapEx = 12%Taxes = 1.2% (I tend to adjust this one frequently, but this is my default)Insurance = 0.5%Other Expenses = 0.1% (my flex money as a "just in case")Initial Renovation Costs = $500