We are now one week into the rehab as I type this.Current BRRR Numbers:Pre-closing Costs: $2,740Plumbing inspection (because the house needed to be dewinterized, $150)Home inspection ($525)Appraisal ($655)Electrical inspection (because power was off on the day of the appraisal, $150)CO and Smoke Alarm ($366.57)CO and Smoke inspection ($52.50)Rehab consultant ($840)Kitchen Appliances: $2,000 (estimated)Plumbing: $7,300 (estimated)Oil tank ($1,800)Water heater ($1,000)Chimney liner ($2,000)Re-piping as needed ($2,500)General Contractor: $32,000Roof replacementDrywall patching and painting of entire house (trim, wall, ceilings)2nd floor bathroom spruce-upClosing exterior door in master bedroom and finish sidingBuilding two closets in two bedroomsBroken window repairsWindow frame repairsScrape and paint area over bulkheadFinish floorsRemove and dispose drywall from basement spacesRear deck repairFront steps repairInstall handrail to basementFoundation masonry repair and paintingRepair cement stepPatch area of exterior trim near kitchenPatch two rotted window sillsCap extra basement doorFill in dining room windowAsbestos: $1,500Electrical: $2,000 (estimated)Closing Costs: $3,733Home Purchase Price: $149,000Total All In: $200,472Expected ARV = $250,000 (initial appraisal for rehab loan came in at $235,000)Amount I have invested in the deal = $50,000Expected Cash Out at 80% = $50,000The situation is still very fluid, as we still have at least three more weeks of the rehab in front of us, but the numbers thus far are still looking promising, despite all of the surprises.

We manage in town, but I don't feel comfortable enough to purchase in NB myself.

Do what makes you comfortable and let's you sleep at night.

Seeking a mid-size operator who is city-wide/regional and is comfortable taking on value-add opportunities. 

@Craig Curelop I've been more comfortable flipping in the past, but am not opposed to starting to build out a rental portfolio.

@Ayana Rose this was a smart move as you probably would've been scammed or highly taken advantage of during the transaction.My lenders are comfortable at 75% LTV and I have a small hand that will go to 80% LTV in LARGE markets.

Based only on your description, if this were my market I'm not sure I'd even be comfortable paying 50% of the current price at those rents. 

They might not be comfortable with you collecting the rents but atleast seeing the day to day stuff and the budgeting so you see where the expenses are. 

Our mortgage for the old house was $3500 and the new mortgage which is now $3150, that extra $600 we’d have to cover put us out of our comfort zone and would not allow us to save as quickly to buy another rental down the line.We would have loved to keep it but we just couldn’t figure out how to make the numbers work.

As long as you have a plan A, B, C on everything, I would be comfortable buying in any market.