@Michael Norris in my experience the homes built in the early 1900’s have higher rehab costs due to unforeseen circumstances from age, higher lead issues, structural issues etc etc...

Between a death in the lender’s family and a vacation this caused another few weeks of delay as a new title search had to be completed on my buyer’s other house being used as collateral.Now we’re at approx Sept 1; All along the way this information was communicated to the sellers as we moved through this entire process and they never once objected or took issue with the unforeseen delays.

Definitely make sure you have several months reserves, and then add a little extra as the unforeseen seems to happen in real estate.

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I plan on doing most of the rehab myself unless something unforeseen comes up such as electrical or plumbing problems etc.

I honestly don't know a single investor that would proceed with the same offer if the contractor/inspector told them there was an unforeseen issue that costs $40,000 to fix.While this doesn't happen often, and our intention is to get it all right the first time, we can't be 100% accurate on repair costs all the time.  

I'll throw this to you...a quick and dirty little estimate, numbers are labor+material based on what I've spent recently...Insulation - $6kDrywall - $10kInterior doors/trim/shelving - $8kInterior paint - $8kFlooring - $12kCabinets - $15kCountertops - $6kElectrical fixtures - $2kPlumbing fixtures - $2kShower/kitchen tile - $8kHardware - $2kGlass (shower doors) - $4kDisposal/trash - $3kRough/Final cleans - $1kAppliances - $3kMisc/unforeseen - $5kTotal - $95k and he hasn't made a profit yet.It adds up quickly!!!

With every house we ever buy, there's always a chance of something unforeseen going wrong, right? 

What if my duplex turns out to be a nightmare (Unforeseen expenses and repairs, Bad Tenant, ETC)Any insight on this is greatly appreciated!

The cons of building new are: 1 - Unforeseen expense increases due to supply chain issues, high labor demand resulting in higher costs, Contractor not budgeting correctly, etc.