I am definitely not into the bare minimum cheap ways of renovating that some people choose to do.

Or you can find the retail price of finished lots less development costs less development margin.Example 1:You have 10 acres of bare ground.  

What I am seeing the most with higher rates on DSCR, is lower LTVs for cash out and the property barely debt servicing.

I had pulled it for a quick example, but that is certainly something I will be keeping a closer eye on.So as long as my math is looking good, then it seems an $80 house with 10k of work will barely cash flow at 1300 a month.  

Had green carpet and pink walls( a lot of holes in those walls) and needed new bathrooms.

It seems there are so many people who barely brush on this and I've heard so many contradictory statements, it's been very difficult to understand what's right. 

(Please bare with my me as I'm a total newbie and just familiarizing myself with the terms.)

Well That would the bare minimum . 

Always late, barely scrapes by.

some thing along those lines.. and that was in the 60s and 70s.. most of the reason for these is the property would not perc  or water system was not adequate at the time for a full build out of the subdivision.. but these things have come before .. now people dont really buy bare land that much like they used to .. these mid west low value rentals have taken over for the specualted land plays.