However, the cabinets have been delayed for months.

So much to list...new flooring, new windows, new HVAC, new cabinets, new countertops, new interior paint, decommissioned the underground oil tank, new electrical, some plumbing work.

Purchase price: $256,000 Cash invested: $60,000 Sale price: $456,000 Complete remodel including new kitchen cabinets, countertops, appliances, lighting fixtures, interior paint, engineered hardwood, carpet, bathroom tile and vanities.

Let's say in Pittsburgh I buy a house for $85k and put about $55k into it ( New roof, HVAC, service line & electrical panel, floors, bath, kitchen cabinets & countertops, water heater, and interior paint).

And back in your cabinets.

The apartments were run down and in need of all new kitchens (cabinets, counters, appliances), complete bathroom rehab, new HVAC (swamp coolers & furnaces >> mini splits), and the property needed electrical and plumbing updates. 

I do not have a mortgage on the property but I do have a HELOC on the home and have done massive amounts of work since getting that(roof, hvac, windows, floors, all plumbing, cabinets, counter tops, bathrooms completed gutted and redone and also added 540sq ft detached 1bd 1 bath permitted living quarters .

What does the apartment actually look like...did they just walk out one morning with coffee cups on the kitchen table, clothes in the closet, multiple pairs of shoes, medicine cabinet looking normal, perhaps with toothbrushes still in place?

Current Asking Price: $130,000 - Irrelevant to me - I would be looking for a purchase price of $90,000Costs BreakdownComplete gutting of the house (labor only):                $1000Mold Remediation:                                                           $5000Roof:                                                                                   $8500HVAC (Unit and Ducting):                                                $7000Basement Reframing:                                                      $3000Electrical Rough In/ Updating:                                        $6000Plumbing Rough In (Basement)/ Updating:                  $6000Insulation/ Drywall/ Tape and Bed:                               $8000Interior Paint:                                                                    $3500Flooring:                                                                             $8000Doors and Hardware:                                                      $3000Trim/ Baseboards:                                                            $3000Kitchen (Cabinets/ Countertops/ Appliances):           $10000Bathrooms (3 full):                                                          $12000Lighting:                                                                              $1500Exterior (Paint/ Fascia/ Fence work/ Cleaning)             $5000Permits:                                                                               $2000Miscellaneous:                                                                   $5000Total:                                                                                  $97500An investor friendly realtor that I have been working with and I have pinned the ARV at $260,000.

MF – easier to maintain since all units are together.Note: MF roof, siding, landscaping jobs might be discounted, but water tank replacements, furnace replacements, painting, flooring, electrical, plumbing, kitchen cabinets, etc., might have similar costs for both SFH and MF6-OPEXSFH – lower costs…usually the landlord doesn’t pay for utilitiesMF – higher costs…landlord pays for some utilities7-Property ManagerSFH – more expensive since the properties will be scattered around...maybe with a large portfolio, the costs might dropMF – cheaper, might come with the package8-VacancySFH - tenants with kids and/or pets might be more attracted to SFH’s…decent schools, nice backyard, garage, no noisy neighbors MF – typical for the market if the rent rates are right9-ExitSFH – might be hard to sell as a portfolio…the investor might decide to sell properties individuallyMF – easier to package and sellDidn't consider asset appreciation in this post , however, SFH's will appreciate more than MF's...for me personally, I look at the property appreciation as a nice bonus.