That can work.I'm wondering if you can somehow creatively do this deal where you pay an extra $5000 for this new condo, but have $5000 held back by the seller for you to do some kind of upgrades, but then just use the $5000 to pay down your original condo so you can get to 80% LTV in order to drop the PMI insurance and refinance at a more realistic rate.Is that HOA monthly? 

I am building homes with granite tops, upgrade cabinets at under $65/sf.  

You can use the calculators on here to present the deal to a buyer(free for 3 uses unless you upgrade to a pro account) with a breakdown of the estimates(you want to be as accurate as possible), and you can find templates for the contracts here(but your contract should be reviewed by an attorney in your area), and there are plenty of list services(a lot of people mention List Source) and direct mail services(sometimes combined with list services).

However, this property is located in the premier sought after school district.This subdivision is older (built 1962-65), some neighbors still own original homes while others have been remodelled and upgraded.

The property that will be appraised is a fixer upper and he will have to take into consideration the upgrades that will be done on the property based on the scope of work. 

Once I upgraded to pro the itemization of repair cost went away...

New to bigger pockets and decided to go with the PRO upgrade!

All of our properties are fully renovated, including upgraded electrical, plumbing, water and heat, to ensure low cost on future maintenance.

It appears the units are below market, however with some cosmetic repairs and perhaps some capex's I feel I could increase the rent by at minimum (based on local comps) 68%.I would offer 85% of list and estimated $20,000 in repairs/upgrades (this is probably a generous estimate - the property appears to be in good shape, basically needs a face lift).With all these figures, including the 50% rule, financing with 20% down @ 3.5%, I come out to a profit of $262 per unit and a cash-on-cash return of 9.53%.So, does this seems reasonable?

I'm trying to ensure I get the max rent for the area with value added thru updates and upgrades and the like