After reworking it and reworking I would have to second your assessments.

You still need to re-work the shingles on the end of the house to properly cover the new overhang.I see this done the majority of the time when someone shingles one of those old post War houses w/o gable eaves.  

What you don't pay for upfront, you pay on the back-end via change orders, rework, schedule slippage, etc.

If you pass on the exact numbers I will rework my formula.  

If the deal is not generating even emergency fund money that is a sign to sale or rework the deal.

I believe the reasoning was though I typically do RE work in Sacramento, this particular property was in Los Banos.

Listening to Dave van Horn's podcast it sounded like there are a whole range of investment strategies with notes and different exit strategies (re-working the loan, selling the note, using the note as collateral for another transaction, and probably a few more...).

But I can't tell you how much rework I've had to do with my clients who decided too late in the game to switch to a real estate CPA.

I intend to invest w/ most directions of RE work.

I went back and reworked some of the numbers to to account for some of the things that you spoke about.