Understanding the true material costs is important and I urge investors to get a good grasp of this before agreeing to labor only bids where they are responsible for purchasing materials.  

Sandra For transparency purposes, I believe you meant to say that you purchased a turnkey property from Memphis Investment Properties, not Memphis Invest. 

NOI divided by purchase price gives you cap rate. 

Using quality yet affordable materials can transform a space without excessive costs.I could remember working on a property an investor purchased.

I recently purchased a triplex in Pittsburgh and have had success with it so far.

I found a house that I like to purchase in a great neighborhood and the exterior looks great for a 1922 stick built house.

Let's assume the financials in the package are good for a moment (they probably are not) AND that you either do not or do achieve the broker's pro forma:If you purchase this asset, achieve ONLY the 'current' NOI, grow NOI 2% per year, and exit at a 5% cap at the end of Year 6, you will have a 4.8% unlevered IRR. 

The first purchase is always a huge learning experience.

So if you purchased one 4-plex each year, after 10 years you would have about $12K per month in cash flow.

Have you considered using a down payment assistance (DPA) loan/grant for this purchase?