And if a property is owner occupied, how can you secure a loan with a hard money lender not being able to view the home to estimate repairs?

Get an estimate from a GC to get a good idea of what is required.Market Comparables: Check what similar-sized homes with finished basements or additional bedrooms are appraising for in your area.

Don't rely entirely on revenue numbers from 2022 but instead make sure to look at STR numbers in 2019 and previous to get a more conservative revenue estimate to expect.

Deduct NEW property taxes after you buyDeduct home insurance costsDeduct maintenance percentage, typically 10%Deduct vacancy+tenant nonperformance percentage(we recommend 5% for Class A, 10% Class B, 20% Class C, good luck with Class D)Deduct whatever dollar/percentage of cashflow you wantNow, what you have left over is the amount for debt service.Enter it into a mortgage calculator, with current interest rate for an investment property, to determine your maximum mortgage amount.Divide the mortgage amount by either 75% or 80%, depending on the required down payment percentage - this is your tentative price to offer.If the property needs repairs, you'll want to deduct 110%-120% of the estimated repairs from this amount.Be sure to also research the ARV and make sure it's 10-20% higher than your tentative purchase price.As long as the ARV checks out, this is the purchase price to offer.It is probably significantly below the asking price.

My conclusion is that take the provided ROI calculations from REI as purely estimates.

Conducting inspections and due diligence on the condition of a property to derive realistic estimates for repairs is still the key.

I have a GC coming out next week to provide estimates but am looking to get multiple opinions/advice Hey thanks!

Annual STR revenue for 4bed 4bath cabin is estimated to be about $45,000.

The rent prices I was basing off of rent estimates I found on the web, so I'm not sure if that is a factor, but I can reassess.

I am going to ask for a new draw schedule and estimated costs for the current time.