There seems to be wayyyy too many.And if you have to alter a couple statements in a contract for a different deal, do I pay full price for them to write up another contract?

If I were hiring the job out and acting as the project manager like I would normally do, I would figure the renovation cost at about $60k but may have altered the scope of work a little.That would still put it well within the formula for a profitable deal.($150,000 * 70%) - $60,000 = $45,000 max purchaseI paid $48k, but used cash so that there is no financing cost involved, that allows you to pay a little more.

IMO, both those translated very well into the buy and hold landlord game.

I told the building dept to void my electrical application, no longer doing any major alterations, just the items on the C/O list of repairs.

That said, by adding the basement as living space to the first floor unit, you are not asking for a change in legal use, but you are (officially) altering the building in ways that will affect it's potential occupancy (and you will need a Certificate of Occupancy from the city before you can move in, rent, etc).

It is easy to do on average using some rules of thumb, but as you stated moving these larger cash flows forward or backward 5 years can alter your analysis significantly; especially if your investment duration is under when the cash flow would occur2.

Translation: If tenants wanted to pay higher rents they'd just move to a nicer apartment building.

I personally way under-estimated how much it would positively alter my course.

NOT UNDER THE INFLUENCE: I am not now under the influence of alcohol or any other mind-altering substance, nor am I taking medication that would cloud my judgment or make me unable to think clearly. ________ 20.

Investing in land is like playing poker - you don't play your hand, you play the other guy's hand (translation: evaluate the land as a potential end-use buyer, not as a seller).