In my area, you would need plumbing permits for relocating water and gas lines for island, sink and DW.. also you'd need a general permit to move the wall.What type of flooring do you want?

Hey Susan, what Jared can be very helpful with is if you need any water heater installation services.

We just finished up 2 rehabs in Mesa. love the East Valley. drink up BP like water from a fire hose :-)

I'd like to pop the top and expand the footprint of the studio and possibly add a 2nd bathroom in order to convert it into a 2bed/2bath with long term goal of selling it as a townhouse (all 3 units are already individually deeded, individually metered with gas and electric, have their own furnaces and water heaters, etc.).

 ( The houses were in the $600K range)    The sellers used word of mouth , facebook , and one used craigslist . 

It ended up going to collections and dropped our credit score from 730 down to somewhere in the 650 range. 

(e.g. new mechanical systems, HVAC, hot water tank, flooring, paint etc) But NOT thoroughly rehabbing it (e.g. new kitchen w/ granite, new bathrooms, new plumbing, electrical, windows etc)Personally, I have always rehabbed my rentals nicely, and asked for higher market rents.

The two main things that blew our budget out of the water was the AC unit and the fence.

. % does not work.in our production stuff like we do in Oregon  were the end product is now in the 450 to 500k range  1/4 to 1/5 is what you need for land cost to keep your margin at 15% of gross or there abouts.. but many builders are only making 5 to 10% of gross if that , depending on where they get their construction money.our Gresham project Lennar offered me 130k per finished lot  and we are selling houses right at 450k.. so they were paying top dollar but they build 400 plus houses a year in this market so their margins are much tighter and they are not carrying ANY dirt or land.. they only buy when they can go vertical GENERALLY speaking as I say this they have just gone into contract of a few parcels next to one I am in process of developing 160 lots on.. but basically that's how it works.

That's what we did years ago when returns on 2nds were generally higher and our private investors were making in the 10% to 12% range...but it would probably be lower today.