The asking price is under $125k and like mentioned earlier, the renovations would be 50% so there are major repairs (not move-in ready). 

@Harsaha LenkaI looked at the OM and it’s missing vacancy and collection loss and repairs and maintenance.  

But it also means you have virtually zero bargaining power as the seller can reuse any and all repairs and just keep your 6 months of rent as a bonus. 

Although the list may seem intensive, I look at it like this: The total cost of all these items can be much lower than the cost to repair a hidden surprise after purchasing a property to flip. 

Focus on distressed properties needing cosmetic upgrades where the after-repair value (ARV) justifies the rehab costs.Good luck!

You'll still have plenty of money to do a duplex/quadplex and give you breathing room (what would you do if you needed a large repair on the rental?).

Your homeowner policy may cover minor repair work but probably not a large construction project. 

I've found an off-market property that would require $175k purchase, $35k down, $20k in repairs, with a conservative ARV of $235k. 

Rate shop .

For example, what is the monthly revenue for the property and what are the "All In" expenses, including mortgage, taxes, insurance, utilities, repairs, etc...