Perhaps you are going for a very very high end GC or someone is taking you for a ride.

We also strongly believe that area is ripe for growth due to excellent public transportation to NYC (walking distance to 35 minute train ride to midtown Manhattan).  

If their numbers at least pass that sniff test I will then do the ARV at my desk and will eliminate at least half of the rest when it is clear they are way high on that.If I find a Kristine Marie Poe /really good wholesaler/ Sasquatch riding a flying unicorn in my market I would be more than happy to just get an address and the asking price.

Next find a lawyer to over the contract to ensure you have protection and not getting taken for a ride, especially during closings.Forget about the laundry as that revenue is paying for maintenance and servicing of your equipment.

"And the man riding the lion is thinking, How the hell did I get on a lion, and how do I keep from getting eaten?"

I'd send the hail mary to the tenant and say, "Hey this is the last I'll bother you about this - I'm sure you're busy and I hope you're doing ok.

This is a classic strategy of taking fully depreciated assets from a market near the peak and placing it into another rising market riding a rise with higher cash flow.

I have grit and talent that I can share but other than that, I'm a green real estate investor through and through and am in dire need of a real estate "friend/mentor" looking for a fun, crazy and wild ride.

Been quite a ride, glad i just jumped in, because you cant account for everything, a lot of this is being able to think on your feet.

The larger question is, as we continue to invest in income/rental property, do you at some point depart from the traditional mortgage loan, since we want to leverage our cash as much as possible, and so far we've been riding on my income and savings, both of which are high at the moment.