If the property is close to you and you're experienced with construction/contractors, then you could manage the project.

$289,000 seems high, but even $189,000 (projected financed break even point) seems like a slap in the face to the seller. 

The reason being that you are someone motivated to buy properties that is usually educated on markets and deal analysis.

The chances are very low without the bond, also most contractor's bonds cover negligence and fraud, the "performance" part usually falls under negligence aka leaving a project unfinished, charging too much, etc.

BP Team, I've had an Alaska cabin project I have been working on for years that I finally decided to get er done.

I am a licesnsed affiliate broker here in town already, but I am looking to get my feet wet in purchasing my first flip or rental project.

@Sunitha Alli - I would strongly suggest you get qualified contractor bids on a project like this.

Ill try and post pics when project is finished and would like everyones input.

So I came across a 4-plex today which is very rare in my area, only a handful exist. List price of $160,000, 2 bed 1 bath units.  Has been on the market for over 3 months, owned by an older gentleman, looking to sell ...

Not sure if this is most appropriate forum, but here we go:In my analysis, I deduct 25% from gross rent to account for repair and maintenance, Capex, and vacancy, and to build up reserves.