Not to mention that the pipes run up the wall behind the sheetrock, this means that hopefully the framers, sheet rock guys, or cabinet guys have not shot a nail through your A/C pipe which will create a pin hole leak, again get your check book out because you will be paying to top it back off with freon a year from now, and  you still have not got the nail out that pipe.

I agree with Derrick, we love Chicago and Cleveland for buy and holds and Darrin nailed it with the "Drama" comment for that price range.

get accurate comps and nail down your ARV2. 

I have 14 going vertical right now. so for 400k or less in capital I have chance to make 600 to 700k for the year off of these deals. and I did not have to fight tooth and nail for a rehabber.. those are the numbers a builder uses see if it will work for you in your market.

However the expectation is that there will be multiply offers and could drive the price to 130K which than gets us outside the thumb rules which is why it is important to nail down the ARV.I think our MOV could be 127,000 based on 80% of the max ARV (190K) minus the 25K in repairs.   

But just think about how nailed down you have your costs before you get started, and try to get firm numbers with signatures and commitments from your contractors/3rd parties to the extent possible.

@Joel Owens  Joel hit the nail on the head this is no different than the West coast sales or marketing companies selling mid west Turn Key and charging more than the properties are worth but hey they sell 100's a month to people that live off shore or in CA...

Marcia:They were not normal nail holes, they were screws/bolts that were put into the studs to hold TVs, shelves, etc.

Sorry @Ned Carey , still new to trying to nail down the whole process of running numbers.$253,332.62 after closing.$37,050.00 downpayment, which was only 15% split between myself and a partner30 years14.92% cash on cash ROIUnsure about the appreciation.

@Dawn Anastasi nailed it.