Adjust depending on state of home and local market conditions. 

This is because value-add properties, especially those built in the 1960s to 1980s, typically take a couple of years to stabilize, particularly in today’s market conditions.

Aside from the standard BR/BA count and square footage, I always focus heavily on the listing pictures for any comps I pull in my area - finding a comp that's as close to your property's condition and finishes will give you the best apples-to-apples comparison possible.I also wanted to second @Tim Swierczek's input: nobody in Minnesota likes moving in the middle of winter.  

Depending on how bad the conditions are, accrued pref may never be paid out and original contribution may not be returned in full.If pref equity's original capital contribution is not returned in full, common equity is in even worse shape.

Local market economic conditions. 

Your great credit, cash in checking and savings, and property ready to cash flow are the basic conditions to qualify.

How would 7% interest rates in 2025 effect the market conditions for you?

@Marc ShinThe timeline for completing the BRRRR process can vary depending on a few key factors, like the condition of the property, your financing strategy, and the speed of contractors.

Focus on cash flow, leverage financing smartly, and structure your deals to remain flexible under varying tax conditions.

I would like to pass on a little bit of useful information for anybody thinking of converting their permit over to owner-builder. 1 - You will not be able to sell the property for a minimum of 365 days from the date of issuing of the CO. 2 - The property must be for the owner's own use and occupancy and not for sale or lease which means you will not be able to rent it out. 3 - The owner-builder must ensure that all employees working on the project have the required licenses.4 - The owner-builder must provide worker's compensation as required by Florida law.5 - To apply for the owner builder permit, you must physical visit the building department.There are others requirements and conditions, however these are the main items.