It takes a lot of work to put a deal together and we want to make sure that our efforts aren't wasted if a borrower backs out, or a deal falls apart.Best, Marcus

Mostly, though, I wouldn't want to waste my time drafting up five separate offers. 

They are a complete waste of money. 

A typical basic new build home is around $110/s.f and you are not building a roof or foundations, so you should be in range, depending on the specifics of your home.One question is if your existing heating and cooling systems are capable of handling the increase load, or if you need to do a dedicated unit in the attic for this room.

To me, unless you're buying stable institutional class assets, worrying about cap rate is largely a waste of time.Andrew

Those sites are crap and a waste of your time.

You'll be wasting precious time if you send them 2 or 3 letters and then drop them.

There are duplexes in the MSP area and many are livable but I did not see it as worth it to take on that debt load when I could just achieve the same thing by buying a house and renting rooms out.

I've found a few nice properties but don't want to waste anyone's time if they aren't interested in financing 20% (if bank will do 75) or even 95% owner financing.

Don't waste money and time with top coats, patches and what not.