(can be structured as a NNN)Portfolio:I want to build to rent 9 houses to meet the value basis. ie: $436k/ build to meet $450k appraisal.

I didn't get all my money back on them but they appraised for 15% more than I paid total with rehab and got most of those funds back.

There's closing costs, appraisal fee, and points to consider. 

If you did not do independent appraisal and inspection, you experience what 170+ investors experienced.

That's the amount the property has been appraised at with two homes, waterfront, and a large metal building with a one-bedroom apartment.

Property Manager in that geographical area had a father that was a handyman.   35K into it and the property was somewhat pretty  and we converted it from a two bedroom to a four bedroom.It appraised for 160 so I did a cash out refi.

In two of my 4 family units I did a cash out refinance after renovating 2 units in each and the appraiser gave me $4 for evey $1 I spent in updates and I increased the rent per unit by $500/month per unit. 

Call the county or visit property appraiser site, many have calculators.The points should be counted as well as the escrows for taxes and insurance as that is all out of pocket expenses, not financed.

While prices have definitely moved significantly higher in the last 5 years you can still be all-in (purchase + rehab) for $75k-$95k on a decent C/C+ rental that will appraise for $85k-$110k.It's a great market to BRRRR if you'r working with a team that understands what they're doing.

It used to be mostly LTV and appraisal, now it's the 1.2 DSCR, so in that way rent is becoming the limiting factor.