The house is in pretty good shape, 2 bedroom, nice area.

I think those areas are not particularly the place to start.IMO I would use the models provided by BP, and find a nice base hit, ie a nice property that has a solid but not super return. 

Not only in DC proper, but in all the VA & MD suburbs.I would suggest visiting the wholesaling forum & consume all the info there.

I am mostly looking for cash flow and this property would flow nicely.

@Abel Curiel Very nice words my man.

It doesn't seem that much more complicated to build and with that you have a nice new building with minimum maintenance and repairs for the first 5-10 years. 

The nice thing is the broker did refund his part which is great.

This is a pretty nice place so that’s not the issue.There’s something weird about NH.Oh, forget writing a policy for anything less than what the insurance says is rebuild cost—that’s a no go with every agent/company I’ve talked with.

Either it's really, really run down, or you are estimating finishes that are too nice for the area.

Nice work  keep it up.. love it when you actually buy and a principal and sell as a principal.it only gets better.I don't know what my record is.. but if you do this game long enough you will get some whoppers..