It's also essential to factor in your financing costs and ensure your cash flow projections align with holding costs.

+1 for AirDNA - I recommend using one of their premium monthly subscriptions to explore the actual comps and not just their auto generated projection. 

I have looked at projects Cody had tied up and was flipping..

If part of the property is rentable while renovations are happening, that could help offset carrying costs.Given your construction background, you’ve got a huge advantage in managing the project efficiently—it’s just about getting through the red tape and de-risking the unknowns before pulling the trigger.Have you talked to any local investors or contractors who’ve tackled similar projects in Wicker Park?

These figures reflect home closings for 2023. 

I will figure out what to do with it when I get to $20M, but it will probably just be finding new ways to improve built environment along with travelling more and spending more quality time with fam. 

Net Sale - This is the contract price, minus the closing costs and commissions.Net sale - adjust cost basis = net gainOnce you figure out what your net gain is then you can subtract state and federal taxes from that figure.

Andrew - As others have mentioned this is a big project to start with, but in order to understand if this is a deal that might be a good fit for someone else you'll need to share your pro forma / income statement.

They are inevitable expenses, and there's already so much room for error on projecting numbers, better to stay conservative.

Don't be suckered into buying cheap properties - unelss you know exactly what you are getting into.Here's some copy & paste advice that applies to just about any Midwest rental market:--------------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?