Total was $2,385 (should be $2,375 but his math was wrong and I had a million things going through my mind related to the kitchen remodel that I missed it so overpaid by $10).

We are hoping for about $2,200-$2,400 in combined rent for the two units (both fully remodeled so asking a slight premium over average), which puts us cash flow positive including all estimated and actual expenses. 

The second unit is a studio apartment, remodeled in 2006.

We are thinking about doing a cash out Refi on our 2nd to keep our money working ... we currently have a 3.625% and not sure if we can get any lower, but we did a fairly large remodel when we purchased it and confident in the value.

Definitely wouldn’t do it if starting out.I am finishing up a full gut duplex flip, my 10th kitchen, and 12th bathroom remodel.

We will have to evict them, clean, and remodel.

Think of how many investors will not buy in Chicago or chose not to remodel, which in turn will not help neighborhood grow, not help prices going up, not increase property tax - which will hurt the 70% tenant occupied city further as they will miss out on benefits the city will get from property tax payments, plus the staying buyers will find a way to either increase rents even further or add some fees to the new leases. 

If you're planning to sub out any work when flipping, you need to become very familiar with Chapter 53 of the Texas Property Code and have an attorney drafted, rock solid remodeling contract.

In your case you KNOW that 80% of it is already remodeled by you and you know the quality of the work that was done.

But, it wasn't anything major - remodeled the kitchen and that was about it.