Ben,I believe that there are two questions you have to answer, and then I'm going to respectfully disagree with one of the other suggestions you were given:First, (and I believe Jim identified this issue) is your transaction a true lease option or is it a deferral of part of the purchase price, including payment of a finance charge?

@Yan Kang cap rates in California are low, 4-5% in general range.

I have so much respect for those on this forum that help out and am so thankful from the knowledge I've gained from browsing over the years.As to my question, I am looking to secure a second lien position with a personal guarantee on a hard money loan in Pasadena, CA. 

Construction costs are spiking, making it impossible to replace product that rents for $800 - $1200, which happens to be the range most can afford.

I'm in that salary range, and would never quit my job because that is what pays the bills.

If you want to upgrade to a modern 100A to 200A breaker box, rough estimate would be in the $1500 to $2500 range.

Be careful that you aren’t at the tip top of that range if you increased rents by $300.If you can increase you rental income this might still be a deal worth doing.

New furnace $3 to $5kTotal Range for the Items you mentioned: $52,400 to $82,400But the problem is you forgot to mention all of the other things you will need in your estimate:Demolition?

-She bizarrely rang the bell of the coop board president and invited the coop board to "tour" the apartment so she could introduce herself.  

I understand that the numbers should have a range too.