Telling sellers everything wrong with their house and justifying your offer with repair costs doesn’t build trust—it kills it.

Wage growth is still running at over 4%, above core inflation.This permeates to all workers, including the construction trades, and thus, to the price/cost of homes.

Would be curios if folks have also just included the cost of utilities at this price and left it unpermitted.

You could easily be $100k in for water/gas/power/sewer if you’re talking 4+ lots. 

If you're in Northern MN, there is a very good chance that the cost to build a new duplex exceeds the resale value, which would be an awful idea to build a new one. 

Be certain you've fully evaluated your cash flow by doing a cash flow analysis.I leave it to you to confirm you've taken in consideration the following potential costs: CapEx, maintenance, property management, water, sewer, trash, vacancy, turnover, taxes, insurance, etc.

Next up is a huge financial hit: closing costs.

When a PM does charge a markup, he's usually getting a discount on the service to keep the cost stable.

They were seeking secondary homes for their family that could be rented to help offset costs and didn't require an immediate or transferrable permit.

That said, don’t underestimate the power of building relationships before you pitch a deal.