I could hardly sleep last night because I was anticipating @Justin Silverio 's Meet Up at his recent reno project.

Your $114 per month anticipated "profit" will be eaten up as follows by some typical landlording scenarios:Plumbing problem - 6 months worthAny vacancy (2 months) - 14 months worthRoof - 131 months - 10 years - it would take you half the life of a roof to pay for one.Run, don't walk, away from this one.

The $76k was total profit, split between my partner and I. so your rehab came in double as anticipated and the ARV came in $100k over?

This is a great advantage if you ever anticipate outsourcing bookkeeping.  

Knowing what the anticipated water bills are you should be able to build it into the rents and then reevaluate when leases are up for renewal and update accordingly if you are seeing the water bill increase over time.

One of the home inspectors I've used regularly now gives me an "unofficial ballpark" on the cost of the issues he can see in voice, but doesn't want to put it in writing to make sure he's not liable should the problem/cost be much greater then he anticipated.

I'm anticipating my rehab costs would be around 32% percent of this projects costs.

@Bogdan Masca You could buy a property that turns out to have more problems than you thought when you did your due diligence, there could be liens against the property that you don't know about, the area that you buy could do a lot less appreciation than what you expect (in fact, it could depreciate), CapEx items could be in worse shape than anticipated and could need replacing....

If you're living in the multi, you should have a pretty good handle on things and can anticipate most routine maintenance issues. 

We are approaching our reserve goal faster than I initially anticipated, and we should be able to start drawing an income form the property soon (if we decide to).