Here are my figures for a recent property I am looking at which has a great asking price but will likely have bids go much higher, completely throwing off my numbers worse than they are now. costsPrimary Loan Variablesacquisition200,000.00rate.051holding6,543.00Number Periods360.00doc fee800.00appraisal700.00legal1,200.00Future Value0.00rehab164,300.00Payment Date0.003 points origination0.00Frequency12.00rate buy down0.00Debt service ratio1.12total costs373,543.00Minimum appraisal amount for 100% cash out498,057.33Actual appraisal480,000.00Cash out Loan 75% appraised value360,000.00Cash left in property(13,543.00)Taxes5,523.00Insurance1,600.00Maintenance @ 5% of Gross Income2,100.00Vacancy @ 5% of Gross Income2,100.00Cap Ex @ 5% of Gross Income2,100.00Utilities ( Common Areas or water unless submetered )1,235.00YearlyMonthlyGross Income42,000.003,500.00Total Expenses14,658.001,221.50Net Operating income27,342.002,278.501st mortgage debt service24,337.812,028.15PITI31,460.812,621.73Pre Tax Cash Flow3,004.19250.35

@Jacob Rivera it depends a little on your location and target audience.  

Throw money at a house which you can later leverage/borrow against to make other investments.

I'm looking forward to hearing about others success stories as I throw mine out there too :)

Well one easy one is- throw the 1% rule out and use real numbers.

I wanted to get some quick feedback on whether you would use such a tool or think that someone would.My thinking is the target audience is people with no geographic restriction and are open to anything -- the ultimate out-of-state-investor -- who wants to find areas worth focusing on.

I know insurance would go up and we have to account for management fees, but am I throwing away a good deal by selling or should I take the appreciation and run?

Any handyman +1 worth his salt should be no more than 2 days throwing those 2 walls up. 

Just wanted to throw some reality into the equation here. 

The biggest hurdle is getting the seller to accept your 203k offer after the listing agent has told the seller to throw it in the trash after they present it (which they only do because they are legally required to).Well over 2/3 of successful 203k purchase deals that cross my desk, the buyer is a realtor, a general contractor, or in sales/marketing in some other capacity.