You also then have to factor in things like location,appreciation in the area, is the purchase price top market price or is there equity, this can also determine if it is a good deal or not. 

Opendoor's offer was $229,000 and Opendoor  wanted to charge me 7% on top of that for "processing fees".

These properties are the top of the line.

Hi Ben,Great that your area is appreciating, but rent not being about to catch up in proportion and heavy competition in the rental market is common here in SoCal as it is in the growing areas of DFW (I invest in DFW so I understand your problem, on top of living in a peaked real estate market).I am sure you have thought about this before, so really there is no much options on the hold side.

The market seems to have space for both top-shelf and the bottom-shelf (the $400/lb). 

I took out a Cuyahoga county home improvement loan for $25,000 at 4% over 5 Years to fix up the vacanct top unit.  

2) I'm writing up the PSA and for the seller's name up top, do I put hers or the husband's name?

On top of this, I also receive $3,200 monthly from VA (medically retired Army) and $3,400 for being a full time student using my education benifits (both not taxable).

You will pay a servicer $35/month to collect payments and escrow on a performing note (tops) and up to $90 for full collection. 

You would have to assume that everything needs to be done and also fit in all of the non construction costs on top of it (architect, expeditor, permit fees, etc...).