I don't ever do sub $100k properties so I have larger amounts into deals, but also have larger margins.Most of my acquisitions range from $200k on low end to $900k on high end with a majority in the $250k-$400k range.I don't particularly like your formula of $10k more for another 2 weeks of rehab, but if it works for you, then go with it.My advice is to know all your holding and re-sale costs so you know at what % you need to be in order to net your desired return.

You don't necessarily need to move to a less desirable and cheaper market to do it either.

More specifically, areas that are the most desirable are Boiling Springs, Roebuck and the entire east side of Spartanburg.

Subtract $9,800 for desired cash flow and you're left with $8,900 for max payment.

Personally, I don't like it, but that's just my taste. qkjones is right in that it's a eco-friendly product which makes it desirable for a good number of people but it's not as durable as other hardwood flooring products so there's a trade-off.

So, I would take the NOI and subtract your desired cash flow ($100 per unit per month) to determine the maximum payment I could make.

This is a 1938 house in a historic neighborhood in the east coast - very desirable area for a flip because properties sell quickly at good prices once renovated.

MIRR allows you to vary your cost of capital for your situation if that is desirable.

Gas is killing land prices out of town (usually desirable due to mountain views).

We both had the desire to start a real estate business and would discuss the pros and cons of different strategies.