Large insurance companies, endowment funds, etc. are probably looking for mid single digit consistent yields, as well as a safe place to park capital.

Assuming you don't need to update the rough plumbing/electrical/HVAC, and depending on the types of contractors you use (but assuming you self-manage), you're probably looking at:- Demo:  $200-500 - Dumpster:  $200-300- Tub/Install:  $600-800- Vanity/Install:  $200-300- Finish Plumbing/Fixtures:  $200-500- Tile/Install:  $500-1500- Toilet/Install:  $200-300- Paint:  $200-300- Flooring:  $200-500In total, that's $2500-5000.Obviously, it will depend on specific materials and the specific contractors, but for mid-range materials and given your location, that's probably a reasonable estimate.Also, you didn't mention new lighting fixtures, new window(s), new door or anything else, so those might be additional costs to consider. 

Also, another duplex (further west) just sold for mid $200's.I think I might go for it, though, if you're planning on living in one of the units.

MI properties back then went for mid 40K+ for "rehabs" and 70K+ for "newbuilds".

That makes us formidable investors in the buy and hold market, as we clearly have much more margin to take on homes that the majority of others, including those who flip properties, couldn't afford because of the associated costs. 

The 70% ARV rule is good for mid-lower markets, but in Hawaii where prices can easily eclipse 600k, it could mean walking away from good deals, so adjust it accordingly.

I therefore set a strategy with my property mgmt to let my two tenant leases go month-to-month in October, and see if one of the tenants rolled off.In mid December my downstairs tenant gave 30 days notice, and scheduled a walk-though and key turnover for mid January.

I will pursue this further since you've made it feel less formidable and more like I can really do it.

The following post will be in regards to a property that I have analyzed for purchase and feedback would be greatly appreciated.The house: Asking Price: $54,900---- 768 Sq ft/ 1bed/2 bath, New furnace, hot water tank, new kitchen appliances, newer washer and dryer, newer roof, newer AC unit, anticipating no major expenses within the next yearLink to house-http://www.realtor.com/realestateandhomes-detail/4127-Lebanon-Church-Rd_West-Mifflin_PA_15122_M32818-38813The Plan of action: The current owner is in a rush to sell,(friends of the family) most likely will sell for mid 40s, Place and offer for 40K hoping to settle for house between 45k-50k including all closing cost.Area- Average house rents for $650-$850 for 2bed 1 bath.

I am currently holding long term in this market.My personal investment philosophy has me buying outside the two loops (I-610 and Beltway 8) around the perimeter of Houston.I stay away from inner city property (older and higher touch management from my experience) but many people I know make money there.I look for mid-late 70's 3/2/2 and 4/2/2 that rent for a minimum of $1000 a month.