Seems like a good area in between Grand rapids and Lansing.

Hopefully it will continue to go up rapidly and I can turn it for a bit of a profit then find a legit deal that will give me a higher cash on cash ROI.  

You might see a rapid shift in the MBS, then rates catch up slowly over the course of days, maybe weeks.Then it changes.

.** Property Description **Address: Rapid City, SDType: HouseBeds/Baths: 3/Square Footage: 1,104Year Built: 1953Lot Size: 6,969 sq.ft.** Purchase & Rehab **Purchase Price: $117,000 ($106/sq.ft.)After Repair Value: $165,000Purchase Costs: $585Rehab Costs: $11,286 (75% Financed)Down Payment: $32,072Total Cash Needed: $32,657** Financing (Purchase) **Loan Type: AmortizingLoan Amount: $96,215Loan to Cost (LTC): 75%Loan to Value (LTV): 58.3%Loan Term: 30 YearsInterest Rate: 5%Monthly Payment: $517** Holding Costs **Holding Period: 2 MonthsLoan Payments: $1,033Recurring Costs: $414Total Holding Costs: $1,447 ($724/month)** Refinance **Refinance Loan Amount: $123,750Refinance Costs: -$4,950Purchase Loan Repayment: -$95,983Holding Costs: -$1,447Refinance Cash Out: $21,370Invested Cash: $32,657Refinance Cash Out: -$21,370Total Cash Invested: $11,286** Financing (Refinance) **Loan Type: AmortizingLoan Amount: $123,750Loan to Value (LTV): 75%Loan Term: 30 YearsInterest Rate: 4%Monthly Payment: $591** Cash Flow (Monthly) **Rent: $1,200Other Income: $75Vacancy: -$60 (5%)Expenses: -$255 (21%)NOI: $960Loan Payments: -$591Cash Flow: $369** Returns & Ratios (Year 1) **Cap Rate (Purchase Price): 9.8%Cap Rate (Market Value): 7%Cash on Cash Return: 39.3%Return on Equity: 9.2%Return on Investment: 277.6%Internal Rate of Return: 277.6%Rent to Value: 1%Gross Rent Multiplier: 8.13Equity Multiple: 3.78Break Even Ratio: 70.5%Debt Coverage Ratio: 1.62Debt Yield: 9.3%

It’s in a great location that is growing rapidly.

This particular part of Brewerytown/Strawberry mansion is rapidly appreciating as the inventory due south is running scare.

Flu is a rapidly changing thing to which we only have a partly effective vaccine that only some receive.

Thanks - Depending on the type of project you are talking about there are software programs for estimating residential and commercial construction costs but they are not very useful especially this environment of rapidly rising labor and material costs.

I agree with @Stephanie P.Go back to the 2 lenders you were denied from and ask them if they have reports that can be pulled in connection with a Rapid Rescore?

@JD Martin here in ATL the market is appreciating at a rapid speed so I definitely know how you feel.