I would make sure you have an accurate estimate for all of the work that needs to be completed; make sure you have made your offer on these numbers and the area rent after the work is done.

But I'm not the one selling a homeIs my take on what's happening accurate?

I'd have a concrete idea of what you want done i.e. countertops, backspalsh, vanities, flooring, paint - before meeting with them for more accurate quotes.

Lets assume your numbers are accurate (I don't mean that as an insult), then I would ask do you have a plan for the money if you sell?  

Hey @Robert Delaney, I don't see any line items expenses here, so it's tough to say if you have an accurate analysis here.

At the same time, 10% vacancy is probably not accurate to your market, so why are you underwriting with that number?

A really cheap property that needs a lot of rehab has to be managed.You also need experience rehabbing,Material shopping, permits, managing sub contractors, order of operations, managing payments, checking work, and accurately projecting all of those numbers in the first place to make sure you get a good deal.Best bet is to buy more of a turn key rental for your first purchase.

Find three houses that are similar to your residence, and the average of those three houses should give you a fairly accurate rent. 

So if you put in $27k and (assuming your numbers are accurate) it is paying you $7848/year, that is about 25% cash on cash return. 

I am new to real estate investing, looking for my first project and wondering what the most accurate way is to run comps on properties.