Option 2- put up a wall, a light and a door and make it a 2 bedroom unit that would fetch just under 800/mo.

Tenant erected a 12 x 12 outdoor extendable living accommodation shed in the backyard without any permission installed permanent tiles, ran wiring in the shed for lighting, fans, for electrical devices and also for air conditioning.

I have been using a ridiculously elaborate Excel spreadsheet for years, but feel a light version of a program might be better. 

@Christine, Bingo like a light bulb it just clicked.

We are under contract for 152 units poised for a light reposition of the asset in Yuma, Az.  90% occupancy going in.  

I know I get shut down a lot on BP for being equity heavy and debt light.. but its that net worth in my business that allows me to play in the new construction game.. without it.. would not get very far. 

I would budget for doing a complete cosmetic rehab: interior and exterior paint, replace all flooring, new appliances, light fixtures and fans.

Some obvious things are of course obvious enough even for me to see without having a giant red sign with blinking lights on it.

I have always loved looking at real estate as a hobby (started out as a kid going to open houses with Mom and Dad when they made their first home purchase), and recently the light bulb turned on and I have decided that I want to jump into investing.

Cleanup Job (Low cost fast flip): - landscape package in front - remove deck- remove vines from house - clean exterior, fix siding and wood rot, paint neutral beige/gray color - clean driveway/weed, clean retaining wall/pavement - replace flooring with mid grade flooring bottom level, carpet upstairs - replace interior fixtures - paint interior white trim, light color beige/gray walls, popcorn ceiling removal - new kitchen appliancesRehab options:- Replace deck with new one (kind of awkward that high to me) vs Remove and fill in wall or add large window to master.- Potential space to move laundry into upstairs bathroom closet vs basement - Can maybe get away with toilet/vanity replacement in each bathroom- Uncertain if painting or replacing cabinets with ikea type is worth it- Any in-ceiling lighting will cause a disaster with electrical since it is out of date- Repave/fix concrete front porch and side porch - replace/paint railing- Replace front walkway cement, or remove walkway and replace with right angled walk to driveway (may not provide ROI)- Tear down vs paint garage port in back yard