@David Torres nails it... as soon as somebody walks down the hallway and sees that bathroom, they will (fine.. may*) be instantly turned off, and think in their heads they have to gut the entire thing.

I vet people by my gut feeling.

Example: Purchase 25k 972 sqft with mild rehab ($60sqft for gut) Figure that your rehab is going to cost around 50kIf your AR= 120,000 that would mean the bank is willing to give you 90kYou would be able to have 100% of the property financed and around 10k profit after fees/costIf you need me to get better numbers I would be willing to have a conversation with you and get my numbers tighter based on that area. 

Be patient,  listen to your gut and follow the awesome advice from these Rochester investors. 

And yes, you need to inspect the interior prior to making an offer or you must assume that the entire unit needs to be gutted.

If the building needs plumbing/ electrical updates,  all the guts of those projects will likely be in the basement.  

Our only thing stopping us at this moment is that we are currently doing a complete gut and renovation on our personal residence, (that should be a flip but we actually want to keep) we are putting all of our time and money into it.

Despite pressure to completely gut the house, I am planning a "selective" demo -- pulling up all the hardwood flooring to the subfloor; demo-ing most ceilings and several interior plaster walls but not all -- and no exterior plaster walls except where fire damage took place.

The house is totally overpriced, and needs extensive extensive renovation as one unit is basically poorly gutted with a lot of non permitted work, and the other is just a mess.

From the get go, my gut wasn't sitting well with her application.