That is what inspired the question. 

Putting faces and stories to all these strategies and concepts while perusing the forum as a newbie / student has been inspiring! 

Also, lenders will also have a rule of thumb cost estimate based on the character/story of the building. 

Starting out I was/am a bit overwhelmed with the housing stories I am hearing in Portland.

Anyway, long story short, there is a farm house currently available for $850k.

2 story building with 4 retail units on the first floor fully rented bringing in $33,600 annually.

The area is zoned for a max 4/5 stories with 15 units total, 12 of which are market rate.Construction financing is secured as I have a relationship with a hard money lender who is interested in financing the project, but would need to assume the property next door to move forward with a construction loan.

If you SELL a rehabbed property to a VA buyer, it's a different story because the house is in retail condition. 

Many times (at least in my area) it won't be in the MLS because some MLS's don't allow the listing agent to put in auction properties in the system if there is an auction company involved (because it's not an exclusive listing and the auction company may not be a member of MLS).. long story short.. the auction website should still show you who the listing agent is (usually way down below).

77077 one story home could be great for you and your future investment.