I hear Garland/Mesquite inspectors can be pretty strict so budget more for permits etcAnother example may be the local rentals/ rehab market requires updating to double-pane windows.

House needs new window, new electrical, new plumbing, new HVAC including duct system-everything.

Windows and roof are what they are.

Now look outside your window: we probably have less than 79 days before the weather changes to winter.

Almost all the windows have been replaced.

Also, for the basement bedrooms, I would assume that you would need a proper window and egress in order for this to be legit.

@Jon Klaus   A & D loan =  Acquisition and Development  And once we go vertical then they pay off the lots that are encumbered by the A and D loan and it converts to a vertical loan.

I am working with a broker/builder who has put together an 'at cost' rehab estimate which I feel might be a tad high for a basic paint/ floorcoverings/ windows project (he is not doing the work).

As for 127 Watkins, I see it was renovated to an extent, but the windows to replace the existing ones were on back order.

If there is a significant amount of deferred maintenance (roof, utilities, windows, carpet, appliances, plumbing, fixtures, etc), then the repair maintenance budget can sky rocket.