If your ARV is truly $285k, then I would estimate you could cash out around $135k that you could apply to the DP of the 6-plex.

.: I would personally ask for a price decrease based on whatever estimate they got for the installation of that equipment (assuming you can get a loan without those things - depends big time on the bank - my local banks would do it for me). 

Pro:- it’s trained to look for safety risks, expensive repairs- within minutes analyzes entire disclosure packet of hundreds of pages- works as another set of eyes that looks for things you should be watching out for, likewise of a companion - great to quickly learn of property conditions from the actual documents while on the go (given that you still follow your own due diligence process)- beta is freeCons:- still in beta- can’t share report directly unless copy and paste- only core documents (home inspection, pest, roof, tds, hazard, solar) are supported but not regional specific disclosures like hoa- estimates it provides aren’t accurate- not mobile friendly 

If it was just my house sitting I would say I over estimated the sales price or over rehabbed, something, but it is most homes in the same area that had been moving so quickly are now sitting for months and are all priced according to market value.

I attached rough estimate on here, I included rehab on to the sales price 

Until you learn to estimate yourself, based on your local costs, any estimate will probably be off.

Hi Nate - It'd be worth asking the lender for a detailed breakdown of closing costs for this program, as well as an estimate of the interest rate you'd get with today's rates (they'll probably need to pull your credit to do this).

About 20% use DSCR (usually 20-25% down) and the rest are cash or hard money or something else.For $325k purchase:1) As a broker I would negotiate down as its been on the market a while and its especially now in holidays)2) I would also negotiate seller paid closing cost credits, most loans allow 3% which should cover most or all of that.3) Assuming you paid $325k but got closing costs covered I would anticipate a minimum of $32,500 down and maximum $65,000 down depending on lending product chosen.4) Remember you still must furnish and I use $20/ft as a safe estimate to fully outfit an STR property.Best of luck!

I have resources I use to get an estimated idea of that, but always good to hear from someone whos already in the game.

Architecture did a design and well respected contractor estimated the buildout of 4 plex would be an additional ~800k for total project cost of ~1M. it would be ~1.2M for the 7 plex.