The village has done a lot to improve itself and attract new businesses and development over the past few years, which is translating nicely into property value appreciation.

@Brandon Motuk one reason there is no one resource for this information is the rules vary so much from state to state.

We bought at a great time (2011-2013) and at prices that equated to a "2% to 3% rule." 10% was way too high and a couple of years later he brought it down to 7%. 10% was unsustainable and 7% made it more break even.I am sitting on a substantial equity position but I would not do this again.

Other improvements are not reimbursable expenses.   

My rule of thumb, estimate 10% of the total purchase price as closing costs.

Today, I was presented with a 6 unit multifamily portfolio with 10.3% CR, 22% COC and NOI of 51k. 100% occupancy, with waiting lists and all rents are below market at this time..so room to improve. 

The reason it is higher because you must use non-recourse loan in your IRA, conventional loan would not be allowed because IRS rules prohibit you personally guaranteeing the loan for the IRA. 

Okay I understand or I see and then tell them you’ll make a note of that and you wIll be doing improvements to the property over the coarse of time in the future .

@Brian Garrett I like the idea of a HELOC, but you need to know your state's rules on non-owner occupied HELOCs.

Keep in mind the 2% rule is the absolute most crude rule for evaluating properties.