Turns out that there are 2 garbage collection companies I can choose and I hadn't chosen one yet since the contractor has their own way of dumping.So far, I'm about $32k out of pocket and most of the remaining expenses ought to come out of the renovation escrow (held by 212 Loans).

Do you always assume that you're going to be doing a complete renovation?

While there are renovated properties on the 120-1600 blocks.

It was bought and completely renovated.

We're currently doing some mild cosmetic renovations like flooring, paint, and code updates in all three units.

For underwriting, it is total cost (purchase, renovation, holding costs, closing), then looking at the ROI/IRR over the life of the project.

We are looking to perhaps move into a larger place, and rent out our original duplex, which would increase our monthly cash flow even more.

Luckily I bought a property that was a fixer upper and I did all the renovations myself, and it also had a basement suite for an additional source of income. 4 years later, this market has finally bottomed and I'm just able to re-finance and pull out some capital.

Consumers often are less concerned when seeing a smaller monthly number than the larger gross figure.

If you're lucky, you're in an appreciating market that higher priced comps will sell while you are renovating