Sure you can push the rent, but that won't get you to the 1% rule (compared to the home's value, not purchase price).

(My OCD makes me want to strip everything right down to the studs to build fresh lol)Are there any other Ottawa investors here and if so, how do you feel about the Ottawa market compared to surrounding areas?

How does Building Bits make a difference compared to what is already working?

Sounds to me 2 duplexes would be better as both would be going up in value compared to only one. 

Better Cashflow compared to "Core" Areas How did you find this deal and how did you negotiate it?

Other less comparable comps put this property at around $250kThe Problem: Foundation issues?

Remember with cap rate, you buy high and sell low.Along the same line as with @Greg Dickerson's post - primary markets and class A properties will always command LOWER (not higher) cap rate when compared to secondary/tertiary markets or B, C class properties.

(compared to what other investors are paying?

The general consensus is just like you said - the inventory for distressed properties to BRRRR is dwindling down compared to a year ago.

This amount is compared to the assessed value of the eligible land.