Today I am going to meet with my property manager to double check of what I think it will rent for.  

When looking at flipped or newly renovated properties watch out for the FHA double appraisal requirement. 

That includes principle, interest, taxes, and insurance as well.We have spent about $8,500 in repairs and upgrades including - revamping the landscaping, having the brick and siding professionally painted, installing new stained cedar posts and shutters, installing a new privacy fence and having it stained, removed popcorn ceilings, redid the taping/bedding, retextured, had the inside walls and ceiling professionally painted, installed a new cedar beam in the living area, new custom blinds for all windows, all new light fixtures and ceiling fans, brand new stainless steel appliances (range with double oven, dishwasher, microwave vent hood, and new refrigerator - all GE brand) Floors are in good not great shape (tile in kitchen and dining room and single bathroom, laminate in living room and hallway, carpet in both bedrooms) and would be the only other possible upgrade we would consider.

Austin, the #1 rated city to live in 3 years in a row, the 11th largest city in the nation expected to double in size in 20 years, the city 83 out of 100 economists picked, according to Zillow, as the #1 place to invest in 2020, still has brand new homes 20-25 minutes from downtown for $250,000. 

Make sure when you are running your cashflow numbers you don't double count your taxes and insurance (which typically get rolled in/assumed/escrowed in typical mortgage calculators on line. 

Before I would say expect to need AT LEAST 30K to get into a hard money purchase, now i might double that.

So I was going to spend ~$50k on the renovation and I could spend $5k more to double the size of the kitchen & put in stainless steel appliances and it would be the best property for the money in the neighborhood - but it wouldn't get me more rent (plus a pool is a liability nightmare in a B- neighborhood)Good luck - those Podcasts listed earlier are awesome

Double check with your attorney.Does this help?

Good morning,Your spreadsheet looks great but I’m thinking there may be a math issue- you have values listed in your monthly expenses as per unit but did not double that value when you get to the bottom part. 

If you know what you are doing, you would double your money in about 18 months with a value play.