We work towards numbers we believe will get us there and look to align with others who seek similar goals. 

The Fed is ready to run the presses 7/24 if needed with helicopter money.But all good recessions usually start with some type of deflationary component.  

I think you should get your license if it aligns with your personal and business goals. 

I am working on a deal now that has this as a component to the value-add.

This would align interests so that you get more upside as you perform better.Regarding projected returns, most private investors like to see a combination of IRR, multiple, and cash-on-cash return on a five-year hold.IRR - internal rate of return is your compounded year-over-year return based on all distributionsMultiple - all cash distributions (including return of capital) divided by the equity contributionCash-on-cash - annual cash distributions divided by equity contributionFor value-add multifamily, you can probably be in the mid- to high-teens IRR, 1.5x-2.0x multiple, and 8-15% cash-on-cash. 

This one aligns with the rest of my portfolio in KC.

I obviously missed a key component of his post.

And it becomes irrelevant quickly after closing when ROE becomes more relevant.Cash flow is only one component of REI returns.

While that's one component of it, there are lots of things that will contribute to the final cost:- Level of materials- Style of house- Size of house- Time of year- County you're in- Basement or no basement- Condition of lotBut, by far the biggest component, will be the management style for the contractors. 

It may be worth it if all the equipment is still there but you need all new major components water heater furnace etc