Louis, even buying a property for $2k might be overpaying for it ;-) These properties always need some sort of extensive/gut rehab, so they are not for the faint of heart (or stomach)!

We took out a HELOC on the property a few years back to do some extensive repairs and we've just now got what we owe on the HELOC paid off

A good ballpark is $1,000–$2,500 per unit, but this depends heavily on how extensive the turnover is and whether you’re self-managing or hiring contractors.If you’re looking for more precision, connecting with local property managers or contractors can provide insight into typical costs for properties like yours in the area.

I work extensively funding deals for flippers in KC  Toledo  Cleveland Baltimore city and a few other markets in mid west..

Network with local investors, undertake extensive due diligence, and develop a clear exit strategy.

Nearly two years ago, I purchased a single-family home in River Forest, USA, which required extensive renovations.

It's been so bad here, that I bought an STR in Indiana with another business partner in 2024 because there are minimal opportunities here - unless you have the ability and budget to extensively source off market properties here.  

Sell too soon for tax reasons - and pull your hair watching this investment climb up while you no longer own it.Harvest investment gains or losses.

Adding Square FootageIncreasing the usable living space of a home, such as by finishing a basement, converting an attic, or adding extensions, can dramatically raise the ARV.

I am happy to provide insight as I work extensively with foreign national investors in the US.