This is square footage of actual surface, not floor area - for example a 10' square room with a small window and door has 288sf walls (320sf - 32 for door/window) and 100sf ceiling.

Other homes in the neighborhood go for far more ($600-700) for less square footage -- I suspect this one stayed on the market because it had an odd basement and needed some work, but the fundamentals look good. 

What we should be looking for is similarities in: square footage, amenities, view, age of house, rehab styles (all rehabs are not equal), alley vs no alley, through street vs cul-de-sac, corner lot or no, east facing vs. west facing, and 15 or other criteria that affect value.

Nicer yard, more square footage, basement, etc.

What is the sq footage and how long did it take from close to list?

I am not experienced in such developments, but your situation made me think ... to fit as many parking spaces on the lot as possible without sacrificing building square footage, one option is ground level parking underneath the structure.

Her utilizing SFR square footage is a prime example.  

Instead they are based off of location, square footage, and acreage?

The total square footage is 1400 approx including the finished basement.

Also for experienced investors, we can lend additional dollars towards the rehab after certain work is completed.In addition to what Chase recommended, be sure your lender:is a true direct lender with their own funds and is not a brokerdoes not sell the note after closing to another lender or fractionalizes your note to several lendersservices their own loansTo provide you a no obligation loan quote, we only need the following information: Property address Purchase price and projected closing date Rehab budget and rehab plan summary Current square footage and bed/bath count After rehab square footage and bed/bath count Projected exit/sale price Property pictures if availableA short summary of your experience We only finance non-owner occupied for sale residential rehab properties and new residential construction.Please give us a call or send an email if you have any more questions.