Purchase price: $171,000 Cash invested: $29,000 Small 600 square foot cabin tucked away just outside of the quaint city of Ellijay GA.

Found an awesome deal on Craigslist and it allowed me to get my foot in the door with an investor (owner of the property I arbitraged.)

Nothing is foolproof of course, but having another investor in your market make a suggestion at least gets us on the right foot. 

If youre saying condos are trading at $220 a square foot....Id be planning on a value of $110 per square foot on a co-op.

You can get foot traffic and people driving by.

Hey there @Dalton Foote! 

After some research online, I am reading that the cost per square foot on a gut renovation of this nature in Stamford CT is anywhere from $150-$350, which is ultimately not very helpful, because at $150 per sq ft, this is a very appealing project with a total profit of ~$175K (46% ROI) and at $350 per sq ft, it very much isn't, because it would be a net loss of 83K (haha).QUESTIONS:What can I do refine my estimate a bit given that I am not allowed to a formal inspection on the property? 

They are DESPERATE to find insurance and are striking out everywhere!!

I've seen estimates of $200 to $400 per square foot for SoCal with $700 sq ft for something higher end and building up a hill and but possibly higher for San Francisco Bay Area (lhigher labor costs, etc.).  

Nonetheless if you can build a 7 plex for $700K (in my area, things are getting built for $200-300 a square foot), it definitely seems like a profitable endeavor.