Quote from @Stepan Hedz: Estimating rehab costs is where a lot of investors either make or lose money.

We found this existing short term rental just needed a few tweaks to help it make more money.

The area might just be extra popular at this time.

Ultimately, the assigned appraiser was known for being extremely conservative, and the final valuation came in at $285,000, requiring an extra $10,000 out of pocket to close.After closing, I raised one tenant’s rent from $750 to $1,180, and they chose to stay.

To start you need money, Your money or someone elses.

I am responding as a consumer not a STR owner we had one its lasted for us for exactly one tenant then we felt it was too much work for the return  on investment we do much better loaning money and buidling new homes than to worry about people goofing up our homes :)I do have some MTR you know fully furnished homes in Vegas and those are money makers for us top of the line tneants paying double the going rate for rent.

Here’s some context: Property 1: >$100k in EquityValue: $325kDebt: $220k @ 2.88% (30-year fixed)Property 2: >$70k in EquityValue: $325kDebt: $252k @ 3.38% (30-year fixed)Extra considerations: - I have $15-20k liquid to use for any of these deals- My current job is relatively stable, but not high-payin- Current properties in TX, living in NY, looking to invest in Mid-West (crazy, I know)- No other debt obligations besides the two mortgagesUltimate goal/timeline: Though a bit ambitious, I’d love to build up the portfolio to 10-20 units in the next two yearsI understand that any/all replies aren't financial advice; all ideas welcome for information purposes. 

If he’s averaging 10k of extra available cash every month that’s only saving about $1k annually vs throwing that at conventional inefficiently at end of month.

@Brad Tullif you're buying entirely with borrowed money it will be extremely difficult to be profitable even in the long term. 

On average, how much money do you need to renovate a house in Detroit?