We will be removing the existing pantry and converting it into a half bathroom and we also plan to increase the size of bedroom #1 on the second floor and combine the enclosed front porch by removing the exterior bearing wall and replacing it with an LVL beam.

You need to pick something a little more modern.

She's got large goals but happy with not much which combined makes for a good mental start to a successful investing career. :)

With that said, in this example I will use a combination of the 50% rule and the equations for cash flow and Cash on Cash ROI to determine if its a good investment.  

Or combining it with the neighbor's lot and building an apartment.In some cities getting planning approval to build can take a long time so getting the land under contract but not purchasing it then entitling it to be built on then selling it to a developer on the condition that they keep you involved in the deal is another strategy.Good luck!

The math should reflect that.I do include them, but I calculated vacancy at 10% and maintenance/capex at a combined 18% of rent for each property I plugged into the spreadsheet.

It sounds like a great combination.

@Robert WrightI used a combination of Craigslist, Zillow Rental Manager (which syndicates to Zillow, Trulia, Hotpads and more), and Cozy (which syndicates to Realtor.com and others).

In Grand Rapids I think it's a combination of the general strength in the real estate markets around the country, as well as the growing popularity of Grand Rapids.

@Lynn Currie @Jon Klaus  @J Scott  @Jay Hinrichs Thought I'd @mention you because I know you like modern style, and spec builds.