Purchase price: $80,000 Cash invested: $145,000 Turning a 3/2 into a 4/2 duplex for short term rentals.

Definitely a very expensive lesson learned, need recommendations for a reasonable priced, good contractor please?

I have been struggling finding fair priced reliable contractors in my area.

If we price the home based on what they thought they could get for it, it will sit for weeks/months.

We walked through a property that we went into thinking we were not going to like it and we ended up loving it and jumping on it pretty quickly after because the seller was getting other cash offers and the price/location/set-up of the property just fit our situation well. 

TERMS- Deal Type: Seller Finance- List Price: $580,000- Purchase Price: $780,000- Seller Carryback: $693,000- Total Entry: $100,000 Breakdown: Assignment: $13,000 Down: $87,000- PITI: $2,657 Breakdown: Principal & Interest:: $2,000 Taxes: $464Insurance: $193- Rent: $5,250 ($750-800 per unit)- Amortization Years: 28.88- Interest rate: 0%- HOA: NONE- Balloon: NONE- EMD: $5,500- COE: Feb 12, 2025- Occupancy: Occupied, Occupants staying post closing- Title company: PROPERTY DETAILS:MULIT-FAMILY7 Units - 2B/1B per unit- Living sqft: 5,200- Year Built: 1940- Age of Roof: 1- Age of HVAC: New- Age of Water heater: New- Condition of Electrical: Good working condition- Condition of Plumbing: Good working condition

Quote from @Jeffrey Bourque: ARV $350,000 - $400,000 3bd 1 bath 800sqft estimate rehab $70,000 purchase price $200,000What are your thoughts and should I do it? 

I don't have the time or energy to file a complaint with the credit bureaus and my score is still over 800 so I'm moving on.

Purchase price: $560,000 Cash invested: $60,000 I thank the dog next door for leading to this purchase.

Quote from @Devin James: Gross Margin is an important calculation for developers/builders.Gross Margin = Gross Profit / RevenueWe shoot for a 20% gross margin on our New Construction HomesReal #’s:Home Sales Price: $374KClosing Cost: $18,700Cost of Construction: $258KLand Cost: $30KGross Profit = $67K$67K/$374K = 17.9% Gross MarginCame slightly short of our goal of 20%Homes Values and Build Costs are constantly fluctuatingI wish we had a crystal ball build larger homes. average new build in our market is 2200 square feet, 4 beds, 3 baths, 2 car garage and sells for 515k. construction costs lower if design is good and find the median or average home sale price and push that up. my guess is you built too small. 347k is cheap. we target 429-479k price range in columbus ohio for single family homes and also only purchase close to urban core where premiums are 20% higher and we build smaller like 1500 sq ft where price per square foot goes up.