I will keep you in mind as I have a property we're currently finishing renovating in Pgh.   

The rehab is done this weekend so I'm not totally done, but I finished the buying process, so I can at least share those numbers with you.Purchase price was 75k. 

From beginning to finish, this project took us 16 months and were 100% leased within 30 days.

Even with the finishes being better in the class a, I suspect it will have the lower maintenance cap ex due to better quality tenants

Quote from @Luis Maza: Hi all, returning to the game this year and would like to pick your brain a bit, we started working with a wholesaler that will send us properties here and there with the "wholesale" price, but every time we check the properties and add the numbers, the margins are, well, I am not sure, too low perhaps, maybe we are getting to picky, but this is my dilemma for example...Today we got a property, wholesale price 300K, rehab about 50-60K, ARV is about 440k, but with the cost of hard money, we have about 100k cash, hard money interest at 11%, keeping the property for 90 days while we finish the rehab, closing costs,  commissions, we ended with 30k profit before taxes, while it sounds appealing, adding up all expenses and cost we ended up expending 50K on rehab(labor/materials) and about 50-60K with cost of the loan, interest, commissions, etc, everyone makes money, happy with that, but it seems that we are working to produce a 100k for everyone else, while we make 20-30k if everything goes well...In my opinion, we are not really getting "wholesale" price, it seems that we either buying to expensive, rehabs are much more than we would like to spend and the cost of borrowing that money is too high...We came up with thoughts as: lets fund it ourselves with money from a close friend/partner that we will bring in, and that would save us 10-15k here and there, but still, is that the norm now?

Good inventory but man does that office make it tough to finish rehabs in a timely manner

So in that time I should have around $25-30k in pure profit saved up in rents.Once I have finished the rehab and stabilized the property I plan to either sell or refinance within the year.

James - I just finished a complete renovation on a 1100 sf condo (one story though) in San Diego. 

I’m trying to get a better understanding of the unlevered IRR hurdles SFR / BTR investors have for value-add improvements.By "value-add improvements" I’m referring to upgrades made to a property that increase rent or purchase value, often including kitchen remodels, bathroom updates, solar and other energy efficiency improvements, fresh paint, a new garage door, finishing a basement, adding a deck, and updating flooring, to name a few.I’ve been hearing a lot of different reactions to this question the last few months.

Of course, YMMV.I would definitely get a good look at the neighborhood around your possbile purchase, and see if you think a nurse would feel comfortable finishing a shift and coming from the hospital to your quadplex alone and in the dark.