Based on your numbers, and assuming you have a credit score high enough and have never filed for BK, you shouldn't have an issue getting approved for an HML to buy/rehab the property that I would estimate at about $370k-$375k (which includes 100% of the rehab costs).

That means the early payments are mostly interest while the principal balance is high.

So developers are building multifamily on these parking areas.Since these areas aren't located on top of residential areas, the zoning approval process has a lot less friction and resistance from NIMBYs.Here's an example in Rochester where an old Sears was turned into apartments for seniors.https://www.passero.com/projects/skyview-park-senior-housing...For multifamily developers, this could be an opportunity for building and partner with the mall owners.

The #1 determinant is the Tenant Pool.If you don't believe us, try putting several Class D tenants in Class A apartment buildings and watch what happens.

Go to Meetup.com and type "real estate" or "Apartment Investing" or other search terms for your area.  

I want to go the buy-and-hold route, and I am interested in finding a duplex that will provide a steady cash flow, a high appreciation value and does not need renovations.

That looks to me like $200-300 too high for the current rental market.

I'd highly recommend Scott Kind, CPA - 518.461.1699.

, it's still highly unlikely that an appraiser would have given value to this bathroom in any case, so we're not losing anything from an appraised value standpoint.Seller should be more than OK with it once you educate them on the fact that of all the offers they are evaluating, yours is the only one willing and able to execute a plan to close on-time, without delay, in spite of the flagrantly illegal and unpermitted bathroom.

For higher priced properties the 70% rule gives you too high of a profit and your offer won’t be competitive.