Me personally I do not care what the return is I do not want to spend my precious time talking to deadbeat tenants and working manual labor on a property to fix stuff.The experience is way overrated............ : )  Some investors look at PM as a game, personal challenge, something they enjoy doing.

And then adjust for the growth in prices across time OR/AND adjust for price difference across distance if going a little further out than ideal.

I had an appraisal for 1.45M back in 2022, before we put the pool in... obviously the market has adjusted since then... 

As a builder we control the cost and we can adjust to our clients budgets when possible, or provide additional turn key services as blinds, rent units, pre-rent units or let their property manager start advertising even before closing to give our clients the ability to make money right away!

Are they coaching you on improvements or pricing adjustments that could be made?

As a builder we control the cost and we can adjust to our clients budgets when possible, or provide additional turn key services as blinds, rent units, pre-rent units or let their property manager start advertising even before closing to give our clients the ability to make money right away!

Looks like mortgage is over $4K/month on a 30 year mortgage.Purchase Price $950,000Down Payment $70,015 7.37%Mortgage Insurance 35000Closing Costs $18,000.00 4% $18,000.00Interest Rate 4.25%Term in years 25Financed Amount $914,985Payment $4,956.82Renovations/Repairs $20,000Out of Pocket Costs $108,015Monthly Assumed % Manual InputRent $6,000Property Mgmt $480 8.00%Vacancy $300 5.00%Maintenance/Repairs $180 3.00%CapEx $45 0.00% 45Insurance 50 0.00% 50Property Taxes 419.7 0.05% 419.7Rental income tax 0.0 25% 0.0Expenses Subtotal $1,475"Annual % Increase(rent + expenses)" 2.5%1% ruleGross monthly rent should be >= 1% to total purchase price0.63%GRM (Gross-Rent-Multiplier): the lower, the better13.2Cap Rate (Net operating income (annual) / total purchase price): the higher, the better5.72%Net Income After Financing (/mo.) = Net operating income - financing costs-$432years Monthly CashFlow1 -$4322 -$3183 -$2024 -$845 $386 $1637 $2918 $4229 $55710 $69511 $83612 $98113 $1,12914 $1,28115 $1,43716 $1,59717 $1,76118 $1,92919 $2,10120 $2,278 

This will help you determine if you're on the right track or need to make adjustments. 

The adjusted basis would be around $850,000, and selling for $1.2M would leave a $350,000 gain, which falls under the exclusion.

Most of these options will have either no PPP (especially for rehab loans) or adjustable PPP's so you can tailor the loan to your strategy.For long terms loans PML's and traditional can be quite competitive, but I'd say that the main advantage for traditional would come in long-term loans for commercial properties.