What you need to know is how much work you can perform without needing a permit. 

An income based approach can be part of what an appraiser takes into consideration for value, though the potential income an appraiser might use is a very conservative average based on broad data, not the individual cabin's past performance.  

This includes the fact that contracting to purchase a property of which you do not have ability or intent to perform on contract is illegal in a great many areas of the country, and yes people DO get prosecuted on this every year. 

@Mateusz Sokol you are out the transaction costs because an appraiser already performed their services.

A lot of posters here keep saying sue for specific performance, but that happens about 0.000001% of the time.Think I'd take my inspection fees and get my E/M back and learn that you really can't force a seller to sign.And even if you could, a signature under duress isn't legal often.

(b) (1) Except as provided in paragraph (2), this division shall not apply to a depository institution, as defined in Section 1420, a person licensed pursuant to Division 9 (commencing with Section 22000) or Division 20 (commencing with Section 50000), a person licensed pursuant to Part 1 (commencing with Section 10000) of Division 4 of the Business and Professions Code, a person who is subject to the Karnette Rental-Purchase Act (Title 2.96 (commencing with Section 1812.620) of Part 4 of Division 3 of the Civil Code), or a trustee performing acts in connection with a nonjudicial foreclosure pursuant to Article 1 (commencing with Section 2920) of Chapter 2 of Title 14 of Part 4 of Division 3 of the Civil Code.

It is in a great location, beautiful setting and appears to be good rental opportunity from what I have researched.

Lenders that don’t require an appraisal will perform a desktop appraisal but will typically have a very conservative view on the value of the property to protect the company’s investment.

I`m trying to do my first flip  and I wanna make it look beautiful for the renter.

Big Sky, Montana; the Outer Banks of North Carolina; and Hilton Head Island saw a 39%, 27%, and 25% increase, respectively.”As seen above, best-performing destinations are located in rural and suburban areas.