Colleen my wife actually hates that I always leave the labels and wrapping on appliances and in this case I also left it on the fireplace.

I have noticed that a high volume frequent flipper in my area does not do little things like change outlet covers, or replace appliances, or will leave some older fixtures in place.  

I wanted to openly share a problem I am having and have yet to really fully over come it although I have been able to address and tackle some of the pitfalls I am encountering.I am renovating a downstairs space to create an apartment.I will need anywhere between 8-11k to complete. depending on how much work i do myself and what level of appliances and cabinetry I choose.So far after one year I have only done the electrical. demo. sheetrock and plumbing the plumbing was pretty extensive as an ejector pump had to be installed and the pipe routed over 16 feet across the attic space above the ceiling. a washer dryer connection was made and plumbing for refrigerator sink and bathroom were all completed.I am still so far away  doors, both exterior and intererior. flooring. cabinets. appliances. paint. bathroom remodeling.currently I do not have a lot of cash flow because I purchased a Bmw. and the note is eating into my operation budget.I should have waited (that is the deferred Gratification piece)also the occasional hiccup has caused grief like a tree that had grown around my outside water meter. and had to be removed only to have a hot water heater fail the next month. followed by property taxesso it has been five months since I have done anything in the apartment.I can probably manage to put 1000 per month consistently toward this project.It will take sacrifice and not too much personal pleasure indulgences.This would have been the first month I was going to start the doorsbut I started teaching bass guitar so bought a bass then another then another in a five day period. 

It's set up pretty much the exact same way as my current 2-unit and I have all my costs documented on that project where I touched almost everything (roof, electrical, appliances, flooring, furnace, water heaters, etc) without gutting it out. 

I probably dont have enough info to make an educated assessment, but with $9k gross cash flow, once you factor in some maintenance costs, depreciation (appliances, mechanicall equip, roof, etc) and management costs (even if you self manage) and vacancy net cash flow might be kind of low.  

I have two deals, but I can only finance one.First deal: 4-Unit Building for Buy-and-Hold-28,00 down, 188,000 asking price (about 85-90% market value assessed through comps)-owner financed for two years with refi-balloon, owner pays insurance and taxes AND will take ALL of my payments toward principal (28,800 over two years), leaving me with 131200 left on principal after the two year period-property is in a small, clean, safe, and well-to-do 'podunk' town between three of four of this area's biggest cities, allowing less than a 20 minute commute to all of them-the property will likely need few, if any, repairs and cap-ex over the next few years as it was gutted and completely rehabbed 18 months ago-I would be paying ALL utilities and internet access, at least for the first two years prior to my refinance-proforma: After Purchase Rents 3000 Facilities income 100 Gross Operating Income 3100 Taxes 100 Insurance 90 Vacancy @8.33% 250 Maintenance @6% 180 Management @10% 300 Refuge 20 Water / Sewer 100 Cable 150 Gas and Electricity 400 Net Operating Income 1780 Debt Service 600 Cash Flow 1180 During 2yr LeasingRents3000Facilities income100Gross Operating Income3100Taxes0Insurance0Vacancy @8.33%250Maintenance @6%180Management @10%0 (I will manage)Refuge20Water / Sewer100Cable150Gas and Electricity400Net Operating Income2050Debt Service1200Cash Flow780Deal Two: 3/1 for partial rehab and flip OR buy-and-hold-in a family-neighborhood with good schools (where children in the public schools get free college eventually), in the wealthiest and fastest growing of those 3 cities mentioned above-needs a 50% rehab (ALL new appliances, new kitchen, new windows, full cosmetic throughout-has a basement and space for a master bath to make it a 3/2-comps in the area run 80K to 100k-monthly rental price could be 1100-1300-buying it from a wholeseller with whom I could establish a relationship for future benefit-Estimates: Purchase Price 19000 Repair Costs 24000 After Repair Value 90000 Purchase Price % of ARV 21% 6% Agent Commision 5400 Closing costs 1200 Carrying Cost 4mths: tax 580 CC: Utilities 1000 Net Profit 40200

Everything was gone (tools, appliances, fixtures, furnace, water heater, everything).

If it's an older property, you might want to assume more for maintenance to account for having to replace appliances, roof, siding, etc., where applicable.

(review to follow) A buddy of mine runs the adwords campaign for a national appliance retailer.

If we know that the roof is older, but still has useful life remaining, then it is their decision to replace now or wait until slightly later.Water heaters, furnaces, appliances, these are all the same decision process.If you purchase from a good provider that is open and honest about showing the true condition of these expensive items, then you are better able to justify a lower or higher capex expectation.