It's a range using only a few factors.

Networking seems to be a huge factor in this business so I would suggest finding people already successfully flipping in your area their insight will be invaluable.

Ithaca is an Outlayer statistically, there are many factors that influence this.

I wouldn't worry too much about not having assets when it comes to qualifying for a mortgage, that's doesn't factor into the equation, with some readily available conventional loans.  

I think if you do the math and factor the costs of refinancing to save $80 a month, you will see that you are going to spend more in fees per year for the costs to refinance than you are going to save by not having the PMI.  

This wouldn't be a mortgage.The bank will tie up your funds and should offer a competitive rate, this is a low risk deal for them and I don't suspect your credit will be much of a factor. 

@Stephen Moskowitz I meant that the cost of renovating becomes higher if you have to factor in the cost to raise the home on top of all of the other renovations.

IF on the other hand, you lose a tenant at a low activity time of year (e.g. just before Christmas / New Year) and the unit needs some work before it can be re-rented, it is very easy for a fair bit of time to pass.For a multifamily, it is normal / common to have a house meter for the electrical (external lights, hallway lights, etc) and possibly a house gas meter (if there are common areas and depending on how the common areas are heated).

I believe there are a few different schools of thought on this.Personally, I think it's wise to at least take a look at how the numbers crunch with management being factored in.

Real estate here is hot due to many factors and I am interested  in the opportunity which exists.