hey thanx @Albert Bui you are correct , we went to city to confirm the 100% rebuild letter needed to finance under FHA when talking with lender :)  it was $459 and only applied because it was 2 units and also grandfathered in like you mentioned.

We had to rebuild the 4 drawers, as well as the small cabinet btwn stove and fridge.

Ever since the devastation of Ike, the property has been rebuilding and it has really shown in the last 4-5 years particularly.The question becomes if you are looking to focus on a buy and hold or simply flipping these properties.

Adjust says they will only release more fund to go towards rebuild or purchasing a new home.3.

It took us about 6 months of work to rebuild the downstairs unit.  

However, from what you mentioned, rebuilding a portion..pretty sure a permit is required.  

Sense doesn't mean a $100 surplus, it means when scarce land with an active unit it sitting fresh on it below rebuild cost.

If the homes get destroyed I will not rebuild.

To gut it and rebuild it was a total of $53K in rehab costs?

lol insurance appears to be low, unless he's doing acv (typical to see 1% of square footage times $100/sq. ft cost to rebuild for a rcv quote). 5% in reserves is extra low. do at least 15-20% and he's negative $9/mo after accounting for a 10% pm fee.