It sounds like you trust your PM and he is doing what he is getting paid for.

It's like the 70% rule, you can use it to narrow down 100 deals to 30 deals to dive deeper, but you need to know estimates per house..

this will likely be a good investment long term on IRR basis, but not realizing -5k/mo CF is very alarming.

Prices in Detroit are likely to keep going up.

At the end of the day; you need more money to do something like this.MAX LTV on new builds is 80% LTC, Meaning if the build is $550,000 and Land is XAdd ($550,000 + x ) * .8 = LOAN AMOUNTYou would need to come in with MINIMUM 20% of the cost in addition to closing costs and reserves, $80,000 is not going to cut it for this project.

@Krissi Miramontes sounds like it was a nice project.

It's not like the MLS discriminates on listings because of who is listing it.

The last one told me I'd likely pay a small fortune for this policy. 

So, we hope that the area can soon recover but it looks like a lot of the owners will be converting.  

My coach suggested (and I implemented) a "must do tracker"....it's a color coded spreadsheet (I like to print multiple copies and keep them on a clipboard to stay in my sight/top of mind).