Imagine it would cost quite a bit to convert all those units to have their own bathroom.

Our realtor ran comps in the area today including all our renovations and his estimate came in at $785k, which is significantly higher than anything we ever imagined.

@Eric Long I'm from LA and imagine the market is similar in SD.

I couldn't imagine what that would cost in southern California.

There is not a single piece of literature produced by RDPD that isn't designed to upsell to something else that you "need" that's essential, and 'only they can provide'. 

You are being a bit too nice - money is money and real estate is regulated if he did this to you I can only imagine who else has been taken for a ride.  

San Francisco & New York City), but I don't know how hard the crash will be afterward due to Chinese propensity to purchase in cash or to have low leverage.Generally, underwriters are still going by appraisals and conservative LTV ratios, so if a Chinese buyer wants to purchase at higher than appraised values, the Chinese buyer will pay the difference in cash.The people who will hurt the most are the speculators, but I don't forsee anymore as huge of a crash as I was expecting when I didn't consider how deleveraged Chinese buyers generally are.At least without Chinese money flowing in, we'll be able to see where the natural, domestic demand would bring real estate pricing.I imagine some areas of the country, like the midwest, have the least Chinese money affecting their pricing, though it's hard to say how much Chinese money in US investment funds may be affecting pricing overall throughout the US.

As you can imagine, the appraisals end up coming a lot closer to at cost than it would be if he was rehabbing his houses for immediate resale.  

I imagine there would be some contingency in the contract for the inspection?  

Instead, you want to imagine a scenario where you have only lot rent coming in and the only expenses are those related to the upkeep of the infrastructure and basic services.