The property is currently vacant and not in rent ready condition let alone market condition, it's going to need about 10k in repairs.

I know I need to figure the ARV, then subract the repairs, then subtract my desired profit.One of the problems I’m having is I don’t know what the ARV should be without bugging a realtor for each of hundreds of properties.

Just curious... what prompted you to choose these markets?

That's another opportunity to see how tenants take care of the place.Also, when you are at the property at the request of the tenant for maintenance and repair, or there working on the outside landscaping, it's another opportunity to see what's going on.3.

So I guess it's a BRRR without the repair component. 

Many can fund 100% of purchase and repairs, but the norm would be 70% ARV up to 80-90% of total project cost.

Foreclosed condo's often have less major repair issues though, and cash can be a bigger king, in some cases.   

Minneapolis does require you hire Minneapolis licensed contractors that are expensive and can add 100's to 1000's to each repair bill for things like electrical, plumbing, heating, AC, siding, and roofs. 

$45,000 PURCHASE PRICEPurchase Closing Costs$2,300.00Estimated Repairs$55,000.00Total Project Cost$102,300.00After Repair Value$130,000.00AcquisitionDown Payment$0 ($37300 surplus)Loan Amount$82,300.00Loan Points/Fees$0.00Loan Interest Rate9.000%Monthly Interest$617.25Total Cash Needed At Purchase$20,000.00Thanks,George

For a BRRR you will need to have more cash because you cant mortgage repair expenses.