I too am having difficulty getting a grasp on the city and its pockets.

It’s hard for me to grasp the concept without seeing it on paper.

I downloaded this app to hopefully get a better grasp on real estate in general.

If you do not know how to estimate the rebuild then partner with someone who does on the first deal or two until you get a better grasp on it.

The other possibility is that you asked a low-level lender that doesn't have a grasp of what it takes to make a commercial loan. 

You want to have a solid grasp on how basic real estate valuations work.

They usually have a better grasp of the area.

I grasp that cash buy side of things, but just want to clarify the conventional scenario, using loan to purchase and cash for renoCompletely Hypothetical (round numbers for ease)List: 80KPurch: 60k DP: 20% = 12,000Finance: 48,000Reno: 15,000Cash In: 27,000ARV: 135  Refinance: @75% of 135,000 = 94,500All In: 48,000 = 27,000 = 75,000So given these straight forward numbers, not accounting for fees, etc, would I be able to REFI (get mortgage for 94,500), pay off first loan 48,000, rehab costs and pull out 19,500?

I would not portend to have a firm grasp on which neighborhood fits best into my risk profile, cash flow/appreciation potential etc as I have not lived in Milwaukee in over a decade and am sure I have much to learn about the shifts my home city has undergone.

If you are doing section 8 I would urge you to connect with @Harvey Levin as he has a nice grasp on this niche.