Also, see if you can pad your estimate with some "contingency reserves" as this way you can come do your refi only as rate/term and do not need money in your pocket at all with the rehab!

However, after running the numbers accounting for insurance, PMI, taxes, vacancy, capX, property manager, etc. the property is estimated -1.85% cash on cash return (-$600/mo) once I fully rent the property.

My estimate is that maybe 1 out of 10 “normal” properties are not redeemed.  

Also what is your estimated FICO and experience? 

Estimate the new DSCR based on these terms.5.

Hello Monique CoatesI watched Jerry Nortons.Power Flipper 3 X two weeks ago and was very intrigued by his platform which he offers all training, software that he created to locate, analyze and estimate rehab, contracts for offers etc.

Here are some basic facts:Initial cash invested: $120kYear 1 Cash Flow: $12.3kYear 2 Cash Flow: $8.6kYear 3 Cash Flow (YTD, 3 months left in year): -$4.5kCurrent equity estimate (net of expected selling costs): $102KMortgage rates at or below 3.75%CapEx uncertainty: HVACs will likely require replacement within the next 5 years and one of the  roofs is nearing 20 years old.Market is the Huntsville, AL area.Underwriting hurdle when acquiring these properties was 10% CoC return annually.With a 10% CoC return after Year 1, I felt good about this investment.

Get contract and Dollars.Assume the life of a billboard is X.Cash flow the revenue stream.Get a cost estimate to build the type of billboard you're thinking.Run your Revenue and cost for the above and see what the return is. 

(any feedback on that estimate is appreciated BTW).

The engineer can help with this estimate, but local contractors are the top source for getting this info.