Quote from @Joe Villeneuve: Don't buy it. 

I feel this would be a much higher cost due to the high level of labor needed.Thoughts?

Quote from @Joe Villeneuve: You're heading in the right direction. 

Thank you in advance for your insights.Anthony - Everyone has their own perspective with a tool/analyzer for multifamily properties and there are many out there including Syndicated Deal Analyzer by Michael Blank, Joe Fairless excel model, Robert Beardsley's excel model, and a host of others including some "make your own" models via courses in YouTube.

I know labor costs are cheaper in the south than what they are where I am at in the NW.... see what they charge on average per sq/foot to build.A couple positive aspects to new builds that are often over looked are very low capital expenditures for a 10-15 year time period after the build.

Not with all the supply and labor shortages going on. 

Originally posted by @Joe Splitrock:Originally posted by @Jay Mayer:Thank you all for your comments and suggestions. 

@Max Murin I think you can learn a ton just off of free education with youtube or learning from someone locally and provide free labor.

I need $33,500-$40,000 to complete the rehab including cost of permits, labor, and materials.

@Joe S.