A house I recently renovated had through-the-wall units that were around 8-10 years old.

We first subtract 70% from the price of what the price of the home would be if it were completely renovated, then we subtract the cost of any repairs.

I am not talking about lipstick renovations, but rather full scale development. 

Find a way to put it on the ground or provide a larger opening for it.

I'm looking for feedback from those who have experience using FHA 203k or 203b to aquire/renovate a property that needs to work.

I’d like to pay low or no money down to save capital for the next deal & perhaps a few small renovations.

In Baltimore right now I believe you can get better returns in terms of cash flow, sweat equity by renovating, and potential for appreciation with the right choice of SFH.

This would give me a big equity bump, allow for larger cash flow opportunity (renting a 4 bed/2 bath in place of a 2 bed/1 bath), and I could avoid most of the headache involved with a rezone. 

There is still room for improvement in the rents if you want to put money into renovating the units more.

My question is, does anyone know relative cost / sq. ft of renovations?