Title, appraisal, recording, insurance fees have the same floor of minimum costs.

Modern floor plans, modern mechanical systems, well insulated, generally separately metered etc.

Porch floor, painted foundation exterior, bathroom ceiling.

These are low rise, 3 floor buildings. 

Minimal disruption to the existing flooring in the home and the landscaping in the back yard.

This will depend on a lot of factors, I am seeing the floor rate at 6.75% with a heavy buy down and as high as 10% with heavy loan level pricing adjustments. 

A brand new building with commercial space on the first floor could mean new restaurants, shops, and businesses for the neighborhood, all of which would mean the area would become a more desirable area to live, and your property price would likely benefit as a result.  

So my suggestion if starting with a flip is to find one that needs simple things… paint, flooring, appliances, landscaping, and such.  

Accept a $1,300,000 first lien note, payable at 10% interest only payments for 24 months, and convertible into a 15 year 11% note with 3 year interest adjustments with11% floor fully amortized.

As mentioned earlier, the Bay Area has me priced out, so I'm focusing on sub-$500k opportunities.I'd love to connect offline soon, but want to throw out a couple of questions:What's the most popular floor plan in Fresno for long-term rentals?