I called WE and learned that the average cost of utilities combined is $397/mo.

I forgot to mention, you can combine the Purchase & Renovate with the Energy Efficient Mortgage (EEM) to add even more to your rehab budget (like Windows).

I've looked at the value and it's over $3 Million combined.

The actual numbers came below:Purchase: $98,752.00Renovations/Holding: $79,211.54*Sold Price: $207,500.00After Closing Costs Profit was $24,066.10... with the caveat that it was a combined effort with my father and the split was $12,033.05.Long story short, the house was purchased in Nov 2015, worked on between 3 other houses I had/have, and sold in March 2017.

I've been here over nine years, and cap ex is a killer when combined with property taxes.

Uniquely, however, we need a true owners unit give the four person family I head (me, wife, and two young kids).  

Hoping someone out there has some similar experience w/ this, although I recognize this may be a unique situation.About 4 years ago my wife & I purchased a 6 unit building in chicago using a FHA 203k loan - full rehab.

I know you can only have one at a time, I just didn't know if this would be considered a unique situation.

Finding the right home is a combination of patience and preparation, so if I were you, I'd talk to a lender now so you're prepared when the right opportunity comes along.

It means they are not operating the property correctly, not reporting their expenses properly, they are owner operators and do everything themselves on the cheap, or a combination of these.Put together a pro forma based on how you will run the property so that you can get more comfortable with your numbers.