I am a CPA with a full time job and good credit.Facts ($’s are approximations):Home was built in 1959Home has been owned 2+ years (tax free gain on sale)Purchase price + landscaping + master bath: 180KAppraised Value: 195kARV: 230 – 250KRepairs: Refinish hard wood floors Paint Kitchen: Cabinets (refurbish used?)

Most likely they will provide you with walls and concrete floors and you will have to finish the rest (bathrooms, interior unit walls, flooring, lighting, etc).

Hello MattMy advice to you for buying a primary residence is not to look for a good deal.My advice to you is buy something you like, in a good location, with a floor plan you like with the features and amenities you want to have.Because it is going to be your primary residence pay a fair price and get what you want.I have seen numerous clients buy a house for their primary residence because it was a good deal.

Ok so what if  you find a property that was just renovated with new HVAC, floors, roof, gutters, kitchen, bathroom, etc.. to be like brand new?

The house is older and needs new roof, furnace, electrical, plumbing, flooring, windows and a basic landscape job.

Don't do it don't do it don't do it.Redoing the floors and getting a modern lighting fixture in there should be enough to make it quite attractive as a rental.

Here's how we do it - For larger renovations that involve floor plan changes/additions. * Take as-is measurements of the house* Draw as-proposed plans* Now we can price things like framing, cladding, and mechanical installations.* Design kitchen, bath, and trim* List all fixtures, tile, etc.* Now we can price the rest of the job

The bedrooms may need new flooring and the place needs a paint job.

It was in the crawl space and once we cut a hole in the floor we discovered it was under water.

Total Monthly rents = $2,150Asking Price = $200,000Yearly taxes = $950All units are 2 bed 1 bath.Rent is slightly below market, could be raised $40-50 per unit.1960's construction, hard wood floors, brick exterior, new HVAC last year, seems to be in overall good condition (no deferred maintenance to speak of).