I don't mind getting stuck w/ a $250k ARV flip for a rental, but I sure don't want to get stuck w/ the $625k ARV house I'm flipping now as a rental....therefore I build in proper margin.I'm amazed at the lack of risk estimation out there, and people not running sensitivity analysis of their deals to rehab overages or sales price deviations from target.

Also, how "sensitive" are you to paying tax. 

Due to the time sensitive nature of buying distressed properties waiting around for a contractor to help you estimate repairs on a deal is the difference between locking on up and losing out to the next person.

The new trend in PM is to charge tenants fees - like a renewal doc prep fee - to avoid raising prices in their owners who are price sensitive.

Some people are more sensitive to odors than others?

If the property heads to a foreclosure sale, you can redeem it by settling all liens and costs, but be mindful of the time-sensitive nature and potential risks.

If the intent is to track actual and time-sensitive performance numerically, then IRR works much better.But, to a lot of us, time has more value than any formula can track.  

If there's a hole, it may be a red flag.b) sensitivity analysis: I examine all the assumptions, and make sure I can live with the worst case scenarios.c) "Stall and see": if they are getting money over multiple years, and there is no penalty for investing later, I would usually wait so I get some real performance data, versus having to look at theoretical pro forma information.d) Recession stress test: I will not invest in anything, until I subject it to recession level stress and see if I can live with the result.

For overlay zones I often look at this site:https://scoutred.com/Overlays are important especially since your lot is in Point Loma so there is a good chance you are in the Coastal Zone, and the canyons are often considered "environmentally sensitive" land, both types of overlays often require additional processes for permitting your project. 

I know property address is sensitive material so here are a couple of links to help with the zoning designation:Residential Based Zones:http://docs.sandiego.gov/municode/MuniCodeChapter1...Zoning Map:http://apps3.sandiego.gov/siteinfoweb/begin.doAs far as hard costs are concerned, I have heard anything in the range of $165 - $210 hard costs.