A lot of history to this, but I'll try to make it brief :)In 2015, I bought a unit in an older downtown building to be used as a long term rental.

For a 2/1, I received these quotes with permits 14k electric,  8k furnace/duct, 2k central air, 2.5k floors sanding/ synteko, 10k bath,  12k kitchen, $30/$50 sheet of drywall,  3k paint,  roof was about 7k, demo 3k, concrete demo/new $12 s/f, windows $250/$400 depends on brand, then GC fees,  etc. 

Investment Info:

Single-family residence buy & hold investment in Foley.

Purchase price: $67,000

Cash invested: $67,000

1250 SF 3/2 in a nice subdivision. Got in after a foreclosure.

Wha...

I’m a week or two out from starting demo and site prep for a brand new double wide.

The owner is a trying to sell for 300k. but tax assessment is 146k. owner bought it for 167k but never did anything with it.

When you bought the property, you should have received deposits and contracts from the previous owner.

The other advantage to the buyer is that now in the property history it shows that they bought it at a higher price, which makes it look like they are getting less profit when they sell it later.

I sold everything and bought a $1,000 beat up car for transportation and used all the money for a down payment to get into my first deal.

I bought a duplex in Columbia that is renting at 1.5x the purchase price and is cash flowing at over $600 a month.

A house bought off the auction that can be improved and ave an added bedroom for maximized value.