Two reasons we are thinking it won’t take the full 6 months:1) Unit #1 just needs lipstick improvements.

Taking the place of statement sunglasses, facial hair, or a bold lipstick, a face mask is now the first thing a person sees when they look at you (not to mention that masks are massively important to slowing the spread of a virus that’s currently out of control).

A few months later, I was the proud owner of a 'lipstick flip' that had been purchased by an out of town company just 5 months prior.

You can usually fix pretty with some paint and carpet (lipstick)  You cannot fix location. 

I am actively pursuing opportunities in South Georgia instead of Atlanta metro since barrier to entry are lower... lower rents, prices are in arms reach for cash buy and lip stick renovations for renter/section 8.

The San Antonio property is in a C-D class neighborhood, so I am stuck whether it is in fact actually worth the tear down, or just throwing some lipstick on it for the market (with its current condition I imagine paint/landscaping won't budge our ROI anyway).

Rehab required extensive or just lipstick on the pig so to speak?

Many "flipped" houses that I see look beautiful but many have issues with major mechanical systems (the proverbial "lipstick on a pig"). 

Historically and this is not all markets but in general over the last 30 years vacancy runs about 10%, opex runs about 50%, and rent growth is about 1.5% to 2.0% for multifamily.Sellers today are pushing bubble numbers for the last 12 to 24 months of 4 to 5% rent growth, 3% vacancy, 30 to 35% opex from their lipstick renovations, etc.

Often the sellers slam crappy tenants in and then put lipstick repairs on the property.