I didn't find any major structural issues and I plan to have a home inspection sniff out component defects which will be deducted if found.I am anticipating a generic 'lipstick' remodel to the tune of $10-12k max.I plan to list flat-fee MLS for $400 with 3% to buyers agent $6900 .I'll have to evict tenants.I'm factoring a 3 month holding time (although I suspect it will be less from what I've been seeing w/ properties at this price point).I'll be financing it.I'm paying closing costs (Title, escrow, etc) $2500?

You can put some lipstick and a party dress on a pig, but that doesn't make it a princess!

For an older home, $2000 might be low unless if it only needed some lipstick.

I like that idea and I'm really thinking about it for a lipstick rehab here soon. 

But its also easy to slap some lipstick on a bad investments and make them look like much better and in fact earn much worse returns or lose money.

Without significant changes, having only some repairs and lipstick, you'll probably be stuck within your original market conditions.Another issue is your local market, if you're in a small rural town where most inventory is lower priced homes, in order for the bank to meet public benefit requirements, they will need to lend on that inventory.

I don't know the quality of rehab but assuming they are complete overhauls and not just lipstick the numbers are good.

Jeremy you are only projecting 25% annual expenses for your cash flow before debt service.What I take issue with on these types of deals is terms like "recently renovated".Putting in cabinets and floors and pain is just lipstick.

Seasonal income is a pain in the butt; no point in putting lipstick on a pig.

It shouldn't take long to do, because it's mostly just lipstick....Sherwood is going to be more involved and it is double the sf..