#3 Would the 6k with labor and materials be a more accurate estimate?

Between now and then you can really crunch the numbers on rent vs. costs and decide how much negative you can stomach....at worst you still decide to sell in the spring and maybe it's a $40K loss instead of your current estimate. 

The appraised value is exactly what I estimated, as well as the market rent and expenses.

First is the Midwest, which by most estimates is the cheapest and most affordable part of the country.

I currently work in the Information Technology sector as a programmer analyst and am looking to start this exciting adventure toward financial independence using real estate as the vehicle.  

From looking up on Glassdoor or Indeed I'd estimate their tech salaries to be $120,000 (on the low end) to $400,000+ (I didn't ask them their salaries, didn't want to be too nosey).

If there's a repair or capital expense like new water heater, might take a little more time with getting estimates. 

Do you have time to get an estimate? 

Tony Robbins always says that "most people over estimate what they can do in a year and underestimate what they can do in 5 years." 

We estimate that the property is nownworth $950,000 to $1,050,000 (based on comps) - we gained approx $500,000 in equity by converting this into a commercial property!