If you were starting from square 1 then what are your initial steps?  

Of course, just because they have it as a 3 bed, doesn't mean bldg permits weren't pulled to add the additional square footage.

Depending on location, what the foam is made out of (polyurethane is most common, I believe), other characteristics of the foam (R-value, whether it's water soluble, etc) and how difficult it is to install (are the cavities open or will the foam need to be injected through walls, etc) will determine the cost, but you're probably looking in the $2-5 per square foot (of cavity space) range.

It's about 2500 square feet, but it's mostly recycling. 

After Repair Value: $130,000Closing Costs at time of purchase: $2929Monthly Holding Costs: $1,370Interest Payments: $570Property Taxes: $620Electricity: $50Water: $30Insurance $100Number of months holding costs: 9Total carrying costs: $21,889Repairs $47,242 + 10% Contingency = $51,966 TASK UNIT Materials Needed Line Item Cost Asphalt Shingles Per Square 20 $4,400.00 Aluminum Gutter Per LF 150 $675.00 Pressure Wash Per House 1 $150.00 Vinyl Siding Per Square 1 $265.00 Paint Exterior Per Floor SF 100 $137.50 Lawn Maintenance Per 1/4 Acre 2 $70.00 Trim Bushes Per Yard 3 $120.00 Remove Tree Per Tree $1,000.00 Fix Foundation Wall Per LF 60 $9,000.00 Roll-Off Dumpster Dumpster 1 $350.00 Full Demo Per SF 2400 $960.00 Service Call Per Hour 8 $680.00 Natural Gas Hot Water Heater - 50 Gallon Per House 1 $710.00 Replace All Supply Lines Per Fixture 5 $1,000.00 Install/Replace Tub Per Tub 1 $350.00 Build Tile Shower Per SF 70 $1,365.00 Kitchen Sink Per Sink 1 $120.00 Bathroom Sink Per Sink 2 $140.00 Kitchen Faucet Per Sink 1 $90.00 Bathroom Faucet Per Sink 2 $140.00 Trim Kit Only Per Tub 1 $130.00 Install/Replace Toilet Per Toilet 2 $340.00 Install Dishwasher Per House 1 $430.00 Install Can Light Per Can 10 $650.00 Replace Furnace Per Unit 1 $1,100.00 Loose-Fill Insulation Per SF 100 $100.00 Wall Board Per SF 1000 $1,160.00 Exterior Door Per Door 1 $800.00 Interior Door Per Door 10 $1,700.00 Replace Window Per Window 10 $2,000.00 Repaint Per Floor SF 1400 $3,150.00 Install Kitchen Cabinets Per linear inch 240 $2,040.00 25" Vanity Per Vanity 2 $300.00 Granite Countertops Per SF 50 $1,600.00 Install Carpet/Pad Per SY 45 $180.00 Carpet+Pad Material Per SF 400 $700.00 Install Laminate Wood Per SF 1300 $3,250.00 Install Tile Per SF 100 $550.00 Permits Per House 1 $200.00 Refrigerator Per Appliance 1 $1,100.00 Range Per Appliance 1 $900.00 Dishwasher Per Appliance 1 $700.00 Microwave Per Appliance 1 $440.00 Washer/Dryer Set Per Set 1 $2,000.00 Commission to Realtor at time of Sale 7% - $9,100Offer Price: $32,000 Potential Profit: $23,044

Kurt,Welcome to the community, your builder background is a great foundation to start with, some of us wish we had that firm footing.

Looking at a set of #4 four plexes built 1980 in Marion, IA - each unit is a 2 bed 1 bath 700-800 square feet.

In the meanwhile I'll start gathering "fixer upper" comps to justify my offer price to the lender.I guess I wasn't thinking about this one as a "distressed sale" because its charming as ever and in much better shape than the wrecked junk foreclosure properties I've been seeing in Buffalo here which normally have 9 foot cracks in the foundations, 8 missing windows, and 3" of standing water in the basements, hahaha.This is a charming historic home with tons of appeal which is why I was initially questioning submitting a low-ball short sale offer on such a pretty property.

Use wholesaling and flipping opportunities to get your foot in the door and earn some money you can use to pay off your loan.  

I am looking to meet like minded hungry people willing to help me get my foot in the door or maybe just learn from some mistakes you have done in your past.