You need the property to fit in a box, 2-4 bed, 1-2 bathrooms, X square feet, in a specific price point, built between 1960-2000, on a slab, block construction, priced between $100-$250, to get a return of X%.

Normally we have brand new kitchens with quarts countertops and brand new bathrooms with shower tile design. 

I used polish concrete floors, new soft close cabinetry, plumbing and lighting fixtures, designer tile in the kitchen and all bathrooms.

The major appliances/systems are practically new, but flooring, kitchen cabinets, and bathrooms have not been updated since the early 90s. 

I currently rent a room with shared bathroom in other's single family house around $1000 a month.

And Im working on cutting rehab costs with more DIY for bathrooms to keep risk of lower appraisal down.Also, I'm willing to call every bank and credit union in the state to make this deal end up with me paying nothing so the BRRRR works as intended.

I am hoping to offer $85-90k.Here are the numbers I am running:Rent in area for a 2 bedroom is about $1200/month (based on Rentometer)Mortgage (PI) is $390/month (based on $90k with 20% down @5% interest)Taxes is $150/monthInsurance is $60/monthHOA I am estimating to be $50/month Vacancy (7%) = $84/monthCapEx (10%) = $120/monthMaintenance (8%) = $96/monthManagement (10%) is $120/month (I plan to do this but added it anyway)Total Cash Flow = $130/monthI have not seen the property but based on the few pictures I have seen, I think I will need to paint ($2500), redo flooring ($3000), redo kitchen ($7500), and maybe redo a bathroom ($5000).

Updated kitchen, bathrooms, new flooring, new paint, new appliances, new living space in basement, updated lighting fixtures, new landscaping, plus more.

I’m looking into start investing in real estate somewhere close to where I live (Redmond, WA) but since I have never bought a property with the purpose of renting it ( the only thing I have ever bought is my house) I wonder if it’s a good idea to start with one of the few 1 bedroom, 1 bathroom condominiums that have recently popped up in downtown Redmond and learn the basics of owning a property and renting it.

New tile and vanities in both bathrooms.