You can use a tool like AirDNA to get estimates of property performance in your specific market and with your typical size and configuration of home.

.- Expected renovation costs $1MM.

We change the order from time to time, etc but no new full set of pics UNLESS there is a design refresh, or renovation of some sort. 

Begin by targeting distressed properties in gentrifying neighborhoods, securing financing through hard money lenders or private investors, and focusing on cost-effective renovations.

They can send you comps so you can confirm the estimated ARV.

For the first townhome, we are in the renovation process and looking to screen our first tenants.

I have had inspectors look at rooms on renovations that were not permitted (we weren't even doing work in the rooms) and asked that certain changes to be made to bring the room up to code (it was minimal).

I've done fairly big renovations where in most cases, Im replacing almost everything in/on the house.

At the pro forma income, the cap rate would rise to 8%, which is more reasonable but only achievable after renovations.

. $38,000 would be amazing to get that, but of course, those are estimates and if it works out well.