Comparable rents in the area are $450-650. 

@Jessica Chow Congrats on the rental, pulling the trigger on the first one is challenging.Do you have an estoppel agreement from the tenant and have you compared that to the lease provided by the current owner along with whatever background info they collected from the application?

Even with a straight rent, you may not see a steady monthly cheque, but will receive an amount up-front, some mid-season and the remainder when the crop has been taken off.Owning and renting farmland on the Prairies can be profitable, but you need to know what is being farmed in the area; the suitability of the land you are purchasing to the various crops; the amount of the land which can actually be planted and what the going rate is for comparable land.  

The warning signs were evident the moment they asked you what you had into it - which should have been COMPLETELY irrelevant, and I reckon you would have been best served by calling them out on that point, and so not told them your purchase AND rehab costs.

In other words, a lot of calculations must be performed and compared. 

There are no comparable homes in the neighborhood and it sits as one of the most expensive homes in the neighborhood  (although price per sq ft is slightly lower than the smaller homes) which scares me a bit if there is to be a market correction in the next few years.

Just find a comparable home after reno.

When I was heavy into the BRRRR strategy, before it had a cool name, I was rehabbing close to flip condition using less expensive materials where I could to achieve a comparable property to the flip houses in order to get the best value on the refi.

Hi everyone, I have been looking around a while in Decatur Alabama to buy multi-family (5 units and up) properties because it seems there are bargains still available there compared to Huntsville but there are some pockets where crime is really high.

You should be able to get all of the comparable information this person is asking for from your realtor, and your realtor should have provided this info to you already anyways so you can know if you are getting a "deal" or not.