My underwriting would show this property far worse than the PB calculator showed for the OP.  

@Chris AndersonAccount Closed  you gentlemen are referring to East Coast Sherrifs sales.the OP is based in Washington.. 

The OP had the word "project" and the response had the word "product".

So if you're looking to sell for $500k and have an in-place $225k VA loan that's going to be assumed, they need to have $275k to put down, unless you want to carry a note (I see that light bulb that just lit up over your head, OP :P ).Pragmatically, I don't think this is for buyers or buyer's agents to ask about, that would be throwing spaghetti at the wall, unless maybe the home is in a military base town.

I don't know anything about the 12 unit that the OP was referencing.

I'll piggyback off the OP's question with some of my own, as I am looking for some tips as well.Is your CapEx kept in a separate account than your reserves?

there are a lot of RE investing options, but it is possible none of them are correct for the OP.  

This could be worth someone’s effort (I would not choose to do it as not enough gain to be worth it to me at this point).OP have you considered not doing the rehab and renting it at $1k/month?

Well done OP!

I wish the OP the best of luck.