If you sold two condos for a total of $1.2 million and subtract the $100k loan + $400k renovation from the profit, you wouldn't make that much more than if you sold for $600k as is and you owed $100k on it.

If I roll that $9000 back into my calculations (subtract it from closing and down payment costs), my Cash on cash jumps to 7.4% and if I can get the seller to come down just $5,000 on sales price, my CoC is at 8%.

I take the total bill for the usage and subtract $45.

My initial though was he take 50% of the total equity in the home and subtract from the purchase price, which would be $235K.

@Rachel De VillavaAnd your equity in the property is what you owe on in subtracted from what it's worth today.

Make sure you subtract 5% or so from your cash flow for CAPEX as you’re talking about an older building.  

Should I just subtract that from my offer??

It helps to have a sharp,Key Commercial Real Estate MetricsThe common key metrics to use for when assessing real estate include:Net Operating Income (NOI)The NOI of a commercial real estate property is calculated by evaluating the property's first year gross operating income and then subtracting the operating expenses for the first year.

I'm assuming your answer is good, based on the fact you can add and subtract the following:1 - Time2 - Dollars...and use both in a formula. 

.$500,000 Subtract (Profit and Costs)  30% of Cash I'm putting in the deal ($450,000) which equals ($135,000)Subtract - Renovation ($50,000) = buy for not more than $315,000  The biggest issue I have seen with wholesalers is they don't really research the ARV properly.