None of the individual tasks are difficult, but you still find holes in your walls, need to refinish the hardwood floors, broken doors, etc after two years.

. ~ Refinish cabinets if they are at all salvageable I used to put in new cabinets regardless, but found that that has a horrible ROI plus it increases your exposure to damages.~ Refinish the sink if I leave the counter-top in place.

Stainless steel appliances, refinished floors, the whole nine yards.

So even though I LOVE how creative you're being (I find creative investing very SEXY), let's analyze the deal as a deal:ARV: $399K (your number)Soft Costs: 5% Resale commission (in case buyer walks or can't perform), 7% holding costs (high due to 18 month hold), 3% Acq & Legal (around $58K)Rehab: Roof & Cosmetics: $15K Minimum (flooring refinished, paint throughout, upgrading appliances, minor touch up)Required Profit (mine, not necessarily yours): $30KNick's Max Offer: $296KNot enough juice in this one to keep tenant buyer happy.

So I guess I rely on the seller to be honest at first, but I will always verify myself.Some questions:- How many beds/baths- Style of the house- Sq.ft. of house and lot size- What type of siding- How old is the roof, - Size and type of electrical panel, when was electrical updated,- Type and age of heating system- When was the kitchen/bath renovated last- Does the basement get water- What floor are the bedrooms located on- Type of flooring, how old, when were they refinished last

I paid about $700 to turn the apartment over (painting and repairs), posted a for-rent add on Craigslist and the MLS, and had over 30 applicants 24 hours later - I've never seen anything like it, huge demand... we're refinishing the bathroom and replacing windows throughout the unit.

I've done several basement apartments myself, and if you strip them down to bare walls, that's the perfect opportunity to spray foam insulate the basement before refinishing it. 

Darren McGillvrey Why not just refinow with an 80/20 loan and then when you refinish now refi again.

Refinishing can add luster and $$$ to the final sale price.

New shingles, several windows, re-level two second story apartments, new exterior entrances, three kitchens, three washrooms, flooring, drywall and paint, etc.We would consider two of the units habitable at the moment (even though three units are occupied), one is barely habitable, one apartment had a fire and requires refinishing and the commercial space is vacant and dated.Our goal would be to rehab the unit that was damaged by fire, then renovate one of the units currently tenanted and finally gut and divide the commercial space into two one bedroom units giving us a very nice six plex when completed.After plugging in income/ expenses and adding 8% for each vacancy, management and maintenance we end up with $100 cash flow as is and conservatively calculated $1600+ net cash flow once renos are completed if we do not refinance.At a 15% cap rate Value would be in the $135,000 to $150,000 value range.The  second property is actually kittycorner to this property via a back lane and is a completely finished fully rented fiveplex.