I would also mention to consider flood insurance as that is a speed bump I have recently encountered being on a canal.

Like @Kevin Tran says, don't make it right after inspecting the property (unless they are extremely motivated and facing deadlines where speed is necessary).  

I feel that this neighborhood is on the cusp of gentrification and will derive a lot of benefits from both the cities ten year plan to redevelop the downtown water front and the new high speed walk on ferry to downtown Vancouver that is starting operation in march of next year.  

So, I have a decent finance/economics background and I cover some of the largest REIT funds in the country, so I have a bit of knowledge there as well.I stumbled upon this site a few months ago as my wife and I were trying to get up to speed in order to start this venture.

Pete,I know an excellent contractor, who if not up to speed to build would know who is,  Sean, with Applied Pressure in Norfolk VA.

Then again as a HML over the years sometimes people like the speed and are willing to pay the freight..Karen is talking more about ground up construction that is much more complicated than fix and flip and needs further safeguards for the lender.

God Speed to all!

Just like speeding on the highway.

Some quick-fix upgrades that might help include:[list]Offer free Internet acces (e.g. if you're near college; $50/mo)Install in-unit laundry ($600 appliances + $500-$1,000 install)Offer free gym memberships (Planet Fitness is $10/mo)[/list:u]Each of these likely costs less than another month's vacancy and might bring your units up to speed, or ahead of the pack.

Four story building on the fourth floor in Queens, 5 minute walk from Subway, 20 minutes from Manhattan on subway, 10 minutes on high speed express LIRR.175K price.8.5K down from me.