I would consider the tenant's past, as well as the condition of the unit, my local market, and other factors.

First you have to face the local municipalities & will be extremely difficult to get the zoning approved. 

A buddy of mine who invests out in Phoenix once had a client facing a similar timing mismatch on a rehab project.. they ended up working closely with a local credit union who was more open to interim valuations.

I would recommend tuning into Straight Up Chicago Investor Podcast and going to local meetups. 

Racketeering Influenced and Corrupt Organizations Act. 

Glad you have experience investing locally. 

Second, I'd connect with some local hosts in your area also in addition to Airdna.

Mine was also out of state, in a town I’d never visited, and I relied heavily on videos from my agent.This sounds like a tough first deal, but it seems like you have some capital on the side, which will be useful as you face the upcoming challenges and learn from those expensive early mistakes.Regarding the subject of this post, “help me adjust my expectations,” I’d recommend assuming that; repairs will cost twice as much as you estimate, maintenance and vacancy rates will likely double from your initial projections, there’s a very real chance you may lose money on this deal.That said, there are ways to mitigate these risks by:- Keep asking questions here on BP and connecting with local experts- Stay proactive and communicative with your agent and property manager.And remember “Inspect what you expect.”Im not trying to discourage you but to help reset your expectations.

It wasn’t ideal, but it was the only way to keep the deal alive.I made the drive to her small town, met her at a local bank, and had the paperwork notarized.

For your out-of-state BRRRR plan, building a strong local team in St.