This building sold in 2013 for 1.66mill.AS PER PROFORMAAsking Price = $3,400,000                                                                                                      GAI = $163,494                                                                                                                                   Expenses (ESTIMATED) = $44,391                                                                                       NOI = $119,103                                                                                                          NOI / 3.4MIL = 3.5% CAP RATE (TYPICAL CAP RATES IN NYC IS 3.5 -4%)However I'm lost on what the real financials are because of the DHCR reports a rent roll totaling $5,484/mth from the Rent Stabilized apts ONLY!!

Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbookConsider checking out HUD homes for small multi's owner occupied gets first crack.Download BP’s newest book here some good due diligence in Chapter 10.

@Jeff Caravalho I did forget to mention that I've been reading The Book on Flipping houses by J Scott, and will follow it up with The Book on Estimating Rehab Costs.

not that upset.anyway, here are the details:asking - 67, then reduced to 58.purchased - 51ksq. ft - 9563 bed/ 1.5 bathno garage - a shed is presentupdates - ~12k with the driveway, which needs to be replaced.rent - $1,050 estimate when it's all done.my concrete guy wants to buy it on a land contract, so not sure what will happen at this point.

I wish I was a real estate analyst with deep pockets and years of experience, then I'd feel qualified to do a deal.

Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbookConsider checking out HUD homes for small multi's owner occupied gets first crack.

I'm using pretty conservative estimates for rents but even then most of the properties I'm looking at are closer to 2%.  

Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbookYou might consider Niche or Specialized Housing like student housing.

I would get two or three estimates on the work, what visable / tangible difference does the power washer, in their professional opinion, think it will accomplish, and how often should it be done?

Wanted to get some rough estimates.