In my opinion, more important metrics are total profit and time spent managing the operation.All marketing works.

Should I buy it and take  500-600 less profit per month knowing I can sell it for a large profit as is or even more if completely remodeled?

The 1031 exchange will indefinitely defer all tax on profit and all depreciation recapture.

@Chinku Chinku the rich get rich by making their money work for them.They borrow at one rate, to invest in something that returns a higher rate - they profit on the difference.Only you can evaluate your risk tolerence though.

When you charge under market rent, the IRS deems that you do not have a profit motive and, therefore, disallows all rental expenses. 

These days seems like most wholesalers take the profit so you don't have to.There are great HML around. 

First, I’m not really seeing enough cushion in certain popular areas for investors to realistically hit a 30% profit margin.

Initially, our plan was to fix the drywall leaks, clean out the property, and relist it for a small profit.

Initially, our plan was to fix the drywall leaks, clean out the property, and relist it for a small profit.

After some research online, I am reading that the cost per square foot on a gut renovation of this nature in Stamford CT is anywhere from $150-$350, which is ultimately not very helpful, because at $150 per sq ft, this is a very appealing project with a total profit of ~$175K (46% ROI) and at $350 per sq ft, it very much isn't, because it would be a net loss of 83K (haha).QUESTIONS:What can I do refine my estimate a bit given that I am not allowed to a formal inspection on the property?