Keep searching and walking properties until you find the right deal. 2021 has been crazy but don't get caught out in the rain if the market shifts for unknown reasons.

There's also a lot of unknowns that cannot tell here - what type of a property is this?  

If everyone else will not buy it because of the unknown issue, you could stand to get a great deal.Buy a cheap voltage meter and watch a YouTube video on how to use it.

Just wanted to share my experience with my first off-market and first Seller Finance success story.I was hesitant for so long, afraid of the unknown.

But whether I'd actually increase the value enough is my biggest unknown. 

The other unknown factors (not listed in your post) are if any structural framing, roof or other big ticket items are in need of replacement as well which could add to your costs per SF.For a real and accurate answer, best to get 2-3 contractor bids.

Need a new furnace, roof, whatever it is, you need to have funds set aside to cover those unknown costs, even an unexpected tenant turn. 

Especially with all the other variables and unknowns you’re working around.

Ok thank you.. it's not that important b/c rarely the 2 out of the 3 things you know is the property value and Cap Rate... typically one of those is the unknown.

Hi Pretty,There is absolutely no way to know ahead of time if you will recover the cost 100% or even 1%.The choice might come down to how much you and your wife want to have this very desirable bathroom vs the one that is in there now.Getting your money back on it in a new-ish suburban home is just unknown upfront--I'd say this purchase is more of "Personal Desire" purchase than a hard nosed business purchase.Although it could turn out at sales time to being some added sale price...