I don't want to carry a note forever (love the idea of the income, but I need the cash for other projects), but I'm willing to do it for a year or two.This seems like a puzzle to me - all the pieces are on the table, I just can't see how to fit them all together to complete the task.

In my spreadsheet I'd have more exact math, I'm just simplifying for discussion sake.So, you account for these fees when doing your projections? 

That's my project for the summer. 

we can place new tenants that we vet and move rents to market price.Disadvantage, Longer project time.

The home is about 100 years old and plank style construction (no studs or insulation in exterior walls).It’s looking like all in this will run about $10,000.I was wondering if anyone has gone through a similar project and what the cost was.I’m located in North East PA.

Depending on their experience and integrity, this number may or may not be close to the real NOI for the project.

Good news, you get a city employee to oversee you project.

The market has definitely gotten hotter, cap rates have compressed, and more and more people continue to overpay just to "get in the game" which makes it worse for everyone.That being said, we continue to find deals that meet our strict criteria and project very attractive numbers for our investors. 

Alfred Litton I’d say 6-9 months of either gross rent projections or PITI.

However - I waned on the project because of the amount of cap-ex and maintenance required.