Others produce pay days.

You  will say YES to 3% commission on a $300k home for a $9k payday but you will say NO to a 2% commission on a $900k home with a $18k payday?  

A $5k payday (say 1% of 500k sale) could be spent on a night club or on your school tuition.

If it's freshly painted, people instantly think it's new and you can go after big $$$!    

Hey BiggerPocket, it's a silly situation, it's my fault, I hope you don't laugh at me too much LOLI made an offer on a house, they accepted it almost instantly, I realize the purchase price is too high, what should I do?

Seller took cash instantly. 

Yes, you want to build in some instant equity when you purchase below market and rehab, but the cashflow has to make sense as well if you are going to hold it.  

Those are ideal and instant money makers.

The property comes with instant equity when comparing to sold/active comps within past year. 

One can find 100 year old homes in Seattle that can be rehabbed and there is a possibility to have instant equity if one plans to live there or rehabbed enough to create positive rental cash flow ( though still not meet the 1% rule) or fix and flip.