I just wrote an offer for full asking price at 30 day close, with a contingency to extent at BUYERS choice for 30 more days if I don't get an favorable response on the electricity install costs.

There are lots of hard money options (or maybe not "lots" but not too uncommon) with no appraisal required - that makes the offer equivalent to cash (closing within a couple days and no appraisal contingency - its out there)The lender still has to ok the deal, appraisal or not.

Is it anywhere close to a 20% premium?

@Richa Wardhan, I have investors purchasing newer built homes in the Tampa Bay area doing long term rental, at around 375k-400k price point and cash flowing close to $1500 a month.

To close the loop on this story, we hired Rick Dempsey (who was fantastic by the way, highly recommended if anyone needs a MA-base SE...Matt Kelly, we really appreciate that referral!).

Best decision I've ever made. 4-6% average annual appreciation rate, stable job growth, population growth, drivable to the Bay Area, close to Lake Tahoe, no state income tax, 4th lowest property taxes in the Nation, much more landlord friendly than CA, land constrained meaning limited supply, etc. 

You could put in a range of numbers for purchase price and closing costs, renovation expenses, and expected returns and you could very quickly get a range of projected return on investments (although an excel spreadsheet could easily do this as well), but I'm sure as technology develops we will see even more sophistication in AI's ability to assist in deal analyzing.

If the interest rate are close, then you should pay off the primary. 

My mortgage increased earlier this year as my home owners insurance went up due to the company closing and my escrow didn’t have enough to make up the difference so I’m kind of pay check to pay check right now.

It probably won't come close to $150K.Run the numbers if you put the profits into a savings account paying 5% interest and see how that compares