Hope you are dead on and you saved a ton of $$....But let us know in 6-18 months......I've seen too many " the pro wanted $xxx dollars and I got a handyman/guy off Craigslist to do it for 1/4 of that price", only to have that job/repair/equipment fall apart in a few months and cost double to fix it compared to having it done right the first timeIf it all work out, fantastic....but sometimes you really do get what you pay for.....

Real Estate is extremely rewarding on so many levels but just like anything no short cuts.

I pulled the trigger a few years ago and am still doing real estate on the side; happy I got into it, definitely rewarding! 

Cash-on-cash is relative and it is only one metric...and it really only works for year one to put properties on a level playing field so we can compare where to put our limited dollars.

If the 165 ARV is based on the bad layout, you could compare the cost of a floor plan change to how much it would increase the ARV. 

Residential uses Comps (Comparable Sells) to determine the value.  

Rent is based on market rent of comparable size and quality rentals.

If you invest this money in the flips, you will owe bigger taxes compared to rentals activity. 

On Zillow it’s zestimate is around $49,000 while comparable homes range from $26-$86k.  

Put the zip code into a realtor site and search within a range of a 1/2 mile and see what houses are selling for that have comparable features as this one.  3.