When under contract at 300k with the expectation that codes would be the determining factor on what can be done on with the property, as it relates to new construction.

In Illinois, when an agent does that, there are functions normally expected of the realtor that they are legally prohibited from doing.

When under contract at 300k with the expectation that codes would be the determining factor on what can be done on with the property, as it relates to new construction.

t happens, and it usually happens when one least expects it. 

The real estate investing industry uses "Classes" to rank property performance risk, but there's NO agreed upon industry model:(Here's what we use for our Metro Detroit market:Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

We are currently charging $1300/unit/month  and expecting to be charging the same this coming year.

Realistically you would expect the house to continue to appreciate during that time as well... even if at 3.33% appreciation - that is another $50,000 in appreciation you would make in the 3 years - give or take.  

Where we expected to gross between $30-40k, we are grossing $60k and generating around $2000 per month in cash flow.

There is no general rule of thumb but you can expect it to be in the range you have listed above.

If it's a true B class expect to pay for it.