@John Dellingerare I’m a hvac contractor and when I bid a job for updating or a changeout, I always tell the customer to get other bids, and if one beats mine to just make sure we bidding on the same playing fields ... meaning equipment efficiency ratings.

Lot density, setbacks, parking, etc all would come into play.  

These are the house stats: ¼ Acre LotCity Water and SewerFull Basement1500 Square FeetOpen concept living roomFinished will have 2 full baths, 3 bedroomsFinished bonus room in basement Was used as a bedroom but doesn’t have the proper egressFenced in backyardCan lighting in all bedrooms, living room, and kitchenNo garage, paved driveway fits 4 medium sized carsSquare Footage:Basement: 938 sfIst Floor: 844 sf2nd Floor: 533 sfFinalizing the Flip would require: Mounting and finishing drywall on first and second floorFinishing the partially roughed in bathroom on first floor Water supplies are ready just under the floorboardsSewer outlet is just under bathroom, PVC drains need to be roughed inElectrical wire is run from the panel to bathroom fan, lighting, and outletBathroom fan/light is installed, needs duct added to vent outsideNeeds greenboard drywall, flooring, toilet, vanity, shower/tub surround4 doors for first floor bathrooms and three bedrooms4 closet doors, 1 for first floor coat closet, and 3 for bedroom closetsFirst floor bedroom Subfloor replacement in first floor bedroom (some original floor boards are weak)Connection of electrical outlets - conduit roughed in but needs to be connected to panelDrywall mounted, finished, and painted throughoutFlooring throughout except for kitchen, I suggest tile in front entryway into first floor bathroom, laminate in open concept living room up to the kitchen, carpet the rest.Minor drywall patching and painting in Kitchen and basement bathroomTrim/baseboards installed and painted around all doors, bottom of drywall, and windowsProper railing for both stairwaysPower wash sidingMinor landscaping, just needs some mulch in beds and some minor weeding in flower beds.Two fence panels replaced in back yardBasement bathroom needs minor touch-ups on grout and caulking Other issues that may need addressing or could just be disclosed upon sale: Two minor basement leaks only when there is a TON of rain, otherwise basement is dryWarped siding in backyard where grill used to be, could be replacedSmall area of cracked siding on front of house at end of drivewayDriveway isn’t in the best condition, some patching may make it look betterAll work done on house has not been permitted except for siding and roofPlumbing Ventilation isn’t 100% to code and may come up in an inspection Side notes: When I lived there, people didn’t believe my address was real when getting deliveries because of the marijuana culture around the number 420 and the street name of Highmoor, maybe there is play here selling to someone that is into that stuff?

I play it conservatively, save cash, move, get your place here rented, find jobs, and move forward. 

Real estate books are a dime a dozen...one book is hard to pick, but don't pass up the E-Myth Revisited...but get the audio book and play at 2x speed...the author sounds like he could die at any moment...still a good read ;) Good luck! 

That DOES NOT mean you cannot prepare yourself and play the game correctly.

Other things I enjoy outside of real estate include playing video games with my friends and practicing my guitar.

But for me, I like to play "what if" games with my cashflow spreadsheet for both my household and investing budgets.

This is more of a strategic play for the future and I don't have time to pick up many extra properties unless they are very close.

More appreciation plays, no?