I opened it up between the kitchen and living rooms, added shiplap to the ceilings, painted the cabinets (myself), and put in new countertops.

My max purchase price sets my ceiling at a 10 cap.  

Wash down all walls and ceilings.  

It has a brand new roof, new siding, trim and rain gutters - but needs a new kitchen, bathroom and flooring.The paint is actually peeling away from the plaster on the walls and ceilings, but the plaster itself is still in good shape.They wanted $9,900 for the house, we offered $6500 and they accepted this morning.

I have been trying to decide if I should gut the place and do a full rehab to return it to a residential home or turn it into a ACLF and only spend half as much on the rehab since I would just repair what needs to be repaired as opposed to moving walls, ripping out ceilings and kitchen....etc.

If another bidder besides the bank is involved, how would you calculate a ceiling?

(I'm texturing a ceiling later today - guess which camp I'm in?)

I did this on my last flip only on the ceilings because ALL the great insulation sat on top and if I took it out it would have been a f+@*$%&$ mess and $$$ for new insulation.I'm about to start my 3rd flip, another horrible ugly house, and I like to just gut everything and start new but I like to save $$$ and cut corners where I can to keep more profits.

Because of a Leak from third Floor Shower Leak, a ceiling leak developed on this property under contract.

I had to put in all new ceiling rafters, structural supports where needed in different areas to make it safe again.