I will likely be making a cash offer of $43K, estimate to put approx $20k of improvements into the property, and inevitably would seek a cash out refi. 

Other than that, I've projected a rough profit estimate of $10-25k (being conservative).

IRR is far superior in its ability to account for leverage and the motions you have to go through to calculate it force you to have a deeper understanding of how the the money flows through a property.However, the biggest problem with IRR when looking at Real Estate is that so much of the estimated return is based on your exit valuation, which depending on what sort of real estate you are involved in, can be absurdly difficult to calculate.The important thing isn't to decide which metric is better than others, it's the ability to separate out your revenue, expenses and cashflow to see where all money goes.  

I have accumulated a multi unit (duplex), which I am currently living in one side and renting the other, and a single family that I rent out.

It just seems like an estimate from my perspective.  

I estimate the ARV @ 105k.  

We all over estimate deals when we are starting out. 

Most companies want a pitch so water does not accumulate.

Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbookConsider checking out HUD homes for small multi's owner occupied gets first crack.

Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbookConsider checking out HUD homes for small multi's owner occupied gets first crack.