Lady bought it for a song, and once it was dug up, it was like 10k to fix. 

From that, your cashflow would be ($425 - $355 = $70).To put it in a single formula:(Monthly Cashflow) = (Income) * 0.5 - (Mortgage)You used:(Monthly Cashflow) = (Income - Mortgage) * 0.5So in the future:1.

The appraiser will find whatever comps are closest, and then they have a formula to add $10K for a half bath, 15K for a full bath, etc. it’s how they ‘even out’ similar but not identical comps.

From there it is a rinse and repeat formula, the same bank that I bought the first property from then sold me two more and from there I was off.

That is a formula for being separated from your money one way or the other.  

Don’t go by what you find in the listings many/most realtors (who are not BP members) don’t know the formula for CAP rate; or they fail to include all the expenses, or the amounts are not current.

At least by being up front from the beginning, you can all save time.As for us, we use the typical formula of 75% ARV minus rehab costs.

I know it would vary from house to house, but does anyone have thoughts about any general formulas for estimating repairs.

Luckily for me it was enough to save the deal, but he was still $45,000 under market value, which I proved with conservative comps.Your best bet, if you know how to stoke up a bidding war (and there is a very specific formula for it) is to try for multiple offers and look for one with a big enough down payment to prevent the deal from blowing up due to appraisal.

Also, do you follow the formulas that bigger pocket lays out when you are analyzing new deals?