I'd like to build on it (if anyone familiar with the area has a contractor they'd recommend I'm collecting names!)

My first thought would be to see if I can land one of these specs, have one of my contractors finish the last 15%, move in this myself, and then list my current primary as a rental property. 

Our contractor mentioned that there's a possibility of adding an extra 1/2 a bathroom to the upstairs floor, turning the property into a 3br 1.5btr.When we asked our agent his thoughts, he mentioned this wouldn't increase the ARV of the property much as we're already maximizing the ARV in the area.Would love to hear from fellow investors in the area what your thoughts are here, not only from an ARV perspective but also by how much could it potentially increase the rent value.Thank you so much! 

Don't do sub2 a land contract or agree to a wrap. 

Great post it is very good to see a contractors contributing on BP, I know and understand how busy work can be.

Talk to inspectors, local contractors and start walking properties (ask a local investor if you can tag along if they have projects in the works )- you start getting a sense of how much renovation costs are, what are major safety issues and what's minor, what your offer price should be, and the ARV.I can't speak to the mentorship program since I'm not in it.

Spring Branch is affordable but undergoing redevelopment.

Or figure out how projects are developed and get one "most of the way" (land leased, site planned, permitted, power purchase agreement signed) and then sell the deal to a big developer.My perspective: My W2 for the last 8 years is environmental and development consulting for oil & gas, renewables generation, transmission, and commercial RE development.

Impressive Rent-to-Price Ratios: Average rents for 3-bed homes are about $800-$900/month, potentially yielding 12-15% gross returns.Economic Transition: While historically industrial, Bay City is diversifying into healthcare, education, and service sectors.Revitalization Efforts: Downtown redevelopment and community initiatives are breathing new life into the city.Strong Cash Flow Potential: Low property taxes and insurance costs contribute to robust monthly cash flows.Let's crunch some numbers on a hypothetical deal:Purchase Price: $75,000Down Payment (20%): $15,000Mortgage (4.5% interest, 30-year fixed): $304/monthProperty Tax: $100/monthInsurance: $60/monthEstimated Repairs/CapEx: $100/monthProperty Management (10%): $85/monthTotal Monthly Expenses: $649Potential Rent: $850/monthEstimated Monthly Cash Flow: $201Cash-on-Cash Return: About 16.08% (not including appreciation or tax benefits)These are rough estimates, and individual properties will vary.

You should consult with a qualified contractor to discuss options and costs for proper repairs.