That was in NYC, so other markets may be less expensive.Vacancy budget of 5% is quite optimistic. 

But, Dennis the eternal optimist, says, "Don't worry, Joey, we only have to sell ONE glass!"

I'm the most optimistic renovator you will ever meet.

It happens all the time and in the vast majority of cases, it is a simple case of an agent providing an overly optimistic opinion. 

In my optimistic world things seem to double from my initial estimates, but I am getting better (done about 15 now).Always happy to help, let us know if you have any other questions.Hopefully some vets will chime in as well.Best Luck!

This isn't even counting the money used to repair the property.There has to be better deals out there.PS: I see Jon posted before me and he is more optimistic than I am.

When I spoke to Angel Oak Lending per your recommendation I ended up with a 30 year fixed for about 7% (based on my specifics, but you might find it to be between 6 and 7% for yours) that they "might" be able to close for me based on some specifics and my personal financials although they sounded optimistic.

I actually work in banking, so I have an appointment to speak with a mortgage lender within the commercial side of our bank over the phone tomorrow (they said they had deals for employees lol), but I’m not optimistic.

You seem to be using an optimistic best case approach to this deal.  

I'm a very optimistic, positive person and love working with people.