If you want to value add you are better off with a structurally sound unit that is priced low and you can rebuild from the ground up front loading the risk.  

Saving $10k or $20k off a purchase price is maybe $120/mo difference in payment.

Options:1) Wait for the right duplex to go on the market and expect to pay $160-$200k for it with rents around $1400-$1600 for a 3 bedroom. 2) buy a massive project for $90k off market from our real estate agent.

Maybe im wrong because I lack experience in this arena but I want to at least turn a %15 gross profit off of the final sales price and its hard when youre paying the contractor %15 of the construction costs.

Hello Jubal,You and your brothers seems to be off to a great start! 

Also, you might want to take a piece off in order to bring with you to the store or even find the item # at the bottom. 

I will say though we kind of built the right product for this market cycle.. big single levels with 3 car garages catering to the empty nester and down sizer we get buyers coming in off their small oregon hobby farm .. our first time move up buyer did slow a ton but we have sold to families as well just not like it was pre interest rate spike.. our other folks are either paying cash or borrowing very little so interest rates are not affecting them.

Then, you'll either have to pay the loan off or you'll get wiped out and no, you can't assume the loan. and no...you aren't going to be assuming anyone's loan unless its a VA loan and if it was, it would more than likely be accelerated due to the HOA foreclosure.

I do own one paid off rental with a value of $450,000 that brings in $2,100 a month.

Off campus housing is sought after because you have more space and it's not a dorm.