The bank is going to loan based off the projected income so the higher the rent, the better the appraisal!

It stIll needs a roof, HVAC hooked up, and about $1,000 of odds and ends punch list things.

Since you asked...Our focus for this winter/spring is a mixed use project...we bought a hotel built in 1870 through a purchase money mortgage...we're adding 3 high-end guest suites for a BnB, building in a 2BR apartment for stable cash flow, and opening a gallery for the local artist community...we have plans for a tap room or wine bar in the future at the same site as well...

Yes, I keep track of prices at the big box stores and set a conservative budget on each project.

Although I could have financed the entire project myself and just hired him.

I established a team at location and would like to bounce my numbers off the BP community and would like to know if I am leaving anything out.PURCHASE PRICE: $195,000PURCHASE CLOSING COSTS $3,000ESTIMATED REPAIRS $50,000TOTAL PROJECT COSTS $248,000AFTER REPAIR VALUE $373,968DOWN PAYMENT $19,500LOAN AMOUNT $225,000LOAN POINTS 2%AMORTIZED OVER 1YRLOAN INTEREST RATE 12%NEEDED FOR CLOSING $25,000/ r

I have a buy and hold deal in Charlotte NC  3/2 has heating and air roof 5yr old price 150.000 should get 900-1000 for rent 

Most REO sellers will not turn on or allow water to be turned on, or allow repairs for appraisals or before closing, most secondary market loans require all utilities to be on at time of appraisal, minimum 5 years or more roof life left, no holes in walls or flooring larger than a quarter,  or significantly soiled flooring, walls, ect. 

But I was interested in making something look beautiful.This was a great project and got me hooked on real-estate.

How can you pay all the bills and build up reserves (to redo that roof etc)if it is coming out of your pockets which may be pretty empty to begin with.