Based on the numbers, it sounds like the high origination fees, combined with the 70% LTV cap, are driving up the costs, especially if the lender is being conservative with their appraisal values.

Put aside some money for fixing things up around the condo from time to time ("CapEx"; 5% to be conservative), and some for vacancy (maybe 10% of the monthly).

Accurate market analysis and conservative estimates are key.Underestimating Rehab Costs:Rehab costs can quickly add up.

If you want to be conservative, stay around 50%-60% LTV, especially if your cost of debt is lower than your cap rate, as this will lever your ROE.

My conclusion then was this: if an investment pencils as cash flow breakeven or a small positive cash flow, using conservative underwriting assumptions, it would be worthwhile to buy despite the high interest rates.Real estate investing has three main sources of wealth building: cash flow, appreciation, and tax benefits.

Ask realtors, run a cash flow analysis, and use conservative estimates for rent and expenses.Good luck!

And with more renovations, you will start to get better at ball parking things, but even then you will always uncover items, so make sure you are baking in enough profit, even after conservative renovation budgets to feel confident you won't lose money.

Could probably cut that down a little but I tend to underwrite conservatively. 

(That's conservative.

As for your personal property, I'm conservative.