With a purchase price of $740,000 and construction budget of about $1.3 million, a future appraisal estimates its value at $3.75 million.

Buy box: Location: Approx. 30 min drive to Boston Heights, for workNeighborhoods: Decent walkability score - not far from shops/restaurants/trendy neighborhoodsIdeal tenants: Close to hospitals/universities/schools for professionals/students/familiesBudget: $175-250K - Buying w/conventional loan, 5% down/ approx 20K reno.Property type: MFH 2-4 units - preferably side-by-side, with a yard we can fence for our dogUnits: 3+/1+ - better if 1.5/2 bath per unitTimeline: Plan to live there for 2 years, but possibly only 1 year if we find another investment opportunityGoal: Focus on appreciation - would like to see cash flow in year 2-3 (the year we move out), including overhead (Vacancies, Maintenance, Utilities) and budgeting in PM if eventually we don't manage ourselvesValue add: Opportunity for some forced appreciation, but not a full reno - cosmetic upgrades and updating kitchens/baths while we live in one unit.

Things will go wrong every time, so it's good to add in a 10%-20% contingency line on your budget that covers those unforeseen events.

Make sure they stay under what was budgeted by the contractor for the job. 

I’ve isolated these three markets as they’re all within driving distance from my home and seem to fit my budget of $100K-$200K for purchase price.

bringing on someone not only fiscally but also with experience in this type of rehab is key, as you will need to write a good scope and budget for the unknowns.

I'll also give them a list of "must haves" based on comps as well (for example oversized kitchen island, dedicated powder room, minimum 48" hallways, large master closet, lots of windows for natural light, gas fireplace, minimum 10' ceiling in great room, consideration of sun exposure, etc).Also if you give a good architect your budget (for example I need to be able to build this for under $350/SF) then they will design something to fit that budget. 

Investment Criteria:• Budget: Looking for a turnkey or move-in-ready property between $30K–$100K in the Midwest or South (PA & GA are my current focus).• Down Payment: Planning to put down 15%–20% to keep my monthly payment low.• Cash Flow: My goal is to keep total expenses at $600/month or less (including mortgage, taxes, insurance, and property management).• Minimizing Debt: I want to avoid overleveraging and maximize cash flow from the start.• Property Management: Since I’m investing out of state, I’ll be hiring a property manager to handle day-to-day operations. 

My budget is up to $70k and I will need help from family to start.

I get it that the furniture might not fit everyone's desires; someone might want a king size bed instead of a queen, and someone won't like the color of the sofa, or quality of the lamps and entertainment center, etc.