A rough 1% rule would suggest a valuation from 300k (which is near his asking price right now) to around 1mil.It may still be a viable project, especially if there is potential for the area, but I would seriously question how you got to your renovation budget, and more importantly, if the sources that you relied upon that got you to that figure are reliable and capable of taking on this sort of project.

Also, cash is king in hard times where you can use cash at will rather than relying on changing bank standards to gain access to your equity.  

Hard to find homes that would cash flow, mostly breaking even and relying on area to grow but I'm unsure if it'll jump up to Leander/Cedar Park prices anytime soon...

However they often rely on you to find them offline deals.

Some homeowners even rely on outdated autovaluations like Zillow's Zestimates for home values.

Super excited to see a young man like yourself pursuing skills to achieve financial goals and freedom and not relying on a paycheck from others.  

My biggest fear is relying on a reliable property management company.  

Love B/C to have downside protection, but w/value add approach picked up at relatively good values the ball is in the sponsor's court per say and not relying on the market forces as much.

This is to ensure that any subsequent investment decision is made dispassionately and without any biases regarding your impression of the property.I would hire a qualified appraiser to assess the condition of the property and rely on financial due diligence and investment analysis when making my decision.All the best!

Their actual material cost are 20%, this is also a straight install, if you have too many corners, flight of stairs, use glue, tacks strips, floor preparation of any degree, etc, they are always extra; they rely on those factors to regain their money too.