Inspection came back and I estimate $15k repairs (which includes $5k for two trees to be removed hanging over the roof, and $5k for a back deck that is wood leading to concrete stairs - terrible construction).

In the Cambridge-Somerville area, triple deckers in need of repair easily go for multi-millions, you need a lot of capital upfront for downpayment and rehab costs and you are relying on appreciation to build equity - the flip and condo conversion is a popular option in these areas. 

Download PDF Edit Report Discuss in Forums Other Actions $1,500.00 Monthly Income $786.67 Monthly Expenses $713.33 Monthly Cashflow 12.53% Pro Forma Cap $10,024.00 NOI $18,480.00 Total Cash Needed 46.32% Cash on Cash ROI 18.26% Purchase Cap Rate Expenses Income 50% Rule Total operating expenses: $664.67 Mortgage expenses: $122.00 Vacancy: $75.00 Repairs: $75.00 CapEx: $75.00 Insurance: $150.00 Management: $150.00 P&I: $122.00 Property Taxes: $139.67 $54,900 Purchase Price Purchase Closing Costs $2,500.00 Estimated Repairs $5,000.00 Total Project Cost $62,400.00 After Repair Value $80,000.00 Down Payment $10,980.00 Loan Amount $43,920.00 Loan Points $0.00 Amortized Over 30 years Loan Interest Rate Monthly P&I $122.00 Total Cash Needed $18,480.00

I used the following values:Loan: 20% down, 30 years at 4.75%Vacancy: 10%Repairs: 12.5%Cap ex: 12.5%Management: 12%There is hardly any cash flow AND I used last year's tax appraisal value. 

If so, was this after repairs or w/o?

.- I swill still have some reserves for repairs; going FHA because they still allow minimum down on a duplex, where Conventional guides require 15% down.

There's still a spectrum of quality and accuracy in cost seg ranging from highly accurate forensic detailed approaches to less accurate statistical sampling and computer modeling.

- what kind of repairs are not being done by the hoa?

Here is what the numbers came out to:$50k unsecured loan at 8% interest from Huntington BankPurchased property for $40k- used the remaining $10k for repairs (repairs should take max of 2 months)Rent house out after repairs are done for $900-$1,000 per month  ARV of property is $60k53rd Bank offers 90% LTV refi after 6 months seasoning and $195 processing fee at closing- Refi property for $54k on a 30yr mortgage at 5%Mortgage payment including taxes & insurance= $436/monthCashflow= $900 - $436 = $464 gross cash flowRemove 20% for cap ex/vacancy/other expenses (round up)= $100Net Cash flow= $364 monthWith the 90%LTV refi I am able to get my initial $50k back from the unsecured loan plus $4k.

So i hired a property management company to take over while I moved away. the tenant moved in in May. my first repair bill was for $447.02 the next bill was for $734.32 that was for home depot to pay for the first repair bill. found out that the 442.02 was for labor only.