But it remains to be seen how much hidden junk gets exposed once all the moratoriums get lifted. 

A hidden gem, or an entire red flag?

Since it looks like a slightly older property, I'd include a contingency factor for any hidden issues that you can't see until the rehab starts.Don't forget to include your holding and other soft costs - HML payment on this project would probably be over $2k/mo for example - how long would the rehab take?

Poor DIY improvements = hidden costs.Layers of subfloor used as a bandaid for rot.

Quote from @James Kim:  I haven't worked with them, but I do know this: cheaper doesn't mean better.When someone is charging 50 - 75% less than their competitors, they are probably cutting corners in a variety of areas or they have hidden fees that drive them back up.  

I thought I had a little gem, but my mentor said it was a cash only deal and the only way I could think to identify that is by it being a REO?

Good job on accounting for some of the "hidden" costs.

In fact the numbers in Gilroy, which has a lower entry point are terribile even for multis, unless you find a true gem.

This should allow you to pull 100 percent out along as you dont run into hidden costs or expenses.

Currently rented but listed at a lower price tag. 3922 Kynard St, Dallas, TX 75215We see a good amount of homes with hidden potential come through our system for the Dallas market and I have seen other prominent publications confirm it was a strong performing market in 2017.Happy Hunting