(I figure over $1200 may be a much larger house than mine and it isn't a fair apples-to-apples comparison.)For date of completion, I'm not sure tbh.

They have used their status on BP in this regard.I hope no one feels this is sour apples on my part.

The purchase price creates the spread and as an experienced rehab buyer, I know that by creating the necessary spread, all could go wrong and I could walk away clean if need be.As to the balance, lets continue this conversation/debate under the following peramiters so we can compare apples to apples.Lets say that the investor with the $500k is experienced in both buy/hold and flips.

@Paul BirkettDon't compare apples to oranges.

For your estimate of value, by capitalization of the NOI, to be relevant, it's essential that you follow the same.Apples to apples, and all that.

I try not to let a bad apple ruin it but this group Is definitely testing my patience.

@Jordan Thibodeau No android for me; that was from iOS!

I know there are 10% down on purchase price and 100% of rehab products out there at 2.5 to 4 points @ 11 to 13% IO PMT's or 80 of purchase with 2 pts. 

Before you challenge the appraisal, do your own research with a local Realtor or look up Solds on Zillow (be really specific to neighborhood, and keep comps apples to apples).  

Apples and oranges are both fruits, but very different.