The budget is kinda tight thats why I ask.

I would definitely have prop mgt in your budget.

One downside of condos is that you have less control, so you don't want to deal with bad associations for years to come.Also, if you end up making an offer, it's your right to review the full association bylaws, rules and regs, budget, etc.

Taking Brandon Turner's advice, I nearly doubled my repair/remodel budget and my timetable.

Now if you manage it yourself then you can save on the expenses but I think you should always budget for management.

Some of that $5k would be a good head start on a marketing budget.

These will need complete rehab and renovation.This is my first time doing a project of this size and I was wondering two things: 1) How many bids/estimates do you usually get to make sure you're not being overcharged and 2) Do you have any recommendations for good reputable contractors in the DMV area that deliver on time/budget?

A good tenant will keep your budget in check, you vacancy at zero, your downtime without a tenant due to rehabbing the apartment to zero and you hassle and stress level at zero. its not all about the cash flow.

I called my realtor and he still says no way 240K at best.Obviously good news either way but have some questions about bank appraisals.They have the basics of our rehab budget but it was as simple as 1000 dollars for bathroom 1, 2000 dollars for bathroom 2, etc.Does this just help us on the front end with the financing or are we under value on the house?

Our budget is now a little tight as my wife works a fraction of the time to stay home with our toddler which dropped our income a good amount (leading to the high DTI).