Just had a client of mine close a property he purchased for 100k that will appraise for 275k, will need about 40k in work, this will be a true "0" out of pocket deal as my client can borrow 100% of the cost of the project even down to appraisals and both sets of closing cost and refi with zero of his money left in the deal!

We did the numbers and it was a lot riskier if we did a true Subdivision with concrete driveways installed. 

If those are the true numbers, you should ask if you can buy more of his.

I'm sure there are more if you want to dive deeper.It's very important to understand the true costs of investment property when calculating a return.

Not all homes are dreams come true.

This was true in my case as I realized that I could find a SFR with a mother-in-law suite (tons of these in ATL) and cover my mortgage with rent from the other side.

Is it possible that, like in Las Vegas, the assessed value is only a percent of the true value?

No, I didn't ask for any paperwork on it as felt it was true and she had been a good tenant of mine for I think 5 years. 

The reverse can be true for a condo. 

@Stephen McKnew Colonna this is so true!