Materials aren't cheap. 15k for the whole job isn't an unusual rate in Boston, I am sure he is making a fair profit.I'd be careful firing him at this stage of the rebuild, especially if he's performed according to the contract you both signed.

This strategy is a great way to get a performing asset into your portfolio with no money down in the end, obviously it takes money to do a deal like this though.  

If you truly have the ability to perform, and this is a business for you, any agent working for you has a constant stream of income that you are providing.

For example, In 2021, I exchanged a lower performing rental from an "ok" area into a brand new property in a good area with good population growth and potential.

Our market is very strong and has performed well the last three years.

I have been actively acquiring Notes for passive cash flow since that time.I like the the passive nature, the safety and the cash flow that I receive from Performing Mortgage Notes.

Our Company performed all the due-diligence and have been in communications with the city planning and building departments.

Most wholesalers buy lists and perform mailing strategies as well as have virtual team members who make the warm up calls and then the owner (you) close the deal.You need to be extremely aware that people will be mad at you, calling you names, swearing at you, etc because for you to make money at it, you need to buy it below market value. 

I hope you ask your PM for performance / placement ratios.

Cap Rates - All Said And DoneAt the end of the day, cap rate is a single measurement at a single point in time, based on the current performance of a given property.