@Spencer Gray To your point about treasuries moving lower, it seems that pricing expectations haven't adjusted to this and thus are creating opportunities to buy deals with more favorable cap rate to cost of debt spreads.

Has an insurance adjuster come out to look at the property yet? 

I should adjust the heading, just wanted to mention it was in an opportunity zone.

(Adding a half bath may be more trouble than it's worth in this scenario, but let's just say we did it anyway).Adjusted home value after adding a half bath is $137,500 if appraised as expected and 10% is added to the home value.We stabilize with a renter after something like three months of holding cost.

You could then appeal the Refusal to the Zoning Board of Adjustment.

If you've found that then what you need to establish is rate (and whether it's fixed or adjustable (and if it's adjustable what the fixed rate is, when it adjusts, and what index + margin they use), then you should ask about fees (upfront fees, fees during underwriting, closing costs (title/recording), etc.

Adjust accordingly.

I've adjusted my estimating to Detroit pricing and needs.

But as you underwrite deals, you will always be able to hold the basic structure in your mind, then work the details on each deal in a spreadsheet that you can easily build yourself.Basic rental income and expense summary:Rental Income from all units, also called Gross IncomeLess Vacancy Factor (typically 5%)Equals Gross Adjusted or Effective Gross Income (has various names, but this is what I call it)Less Operating Expenses and ReservesEquals Net Operating IncomeThis fundamental formula applies to all income producing properties, apartments, office, retail, self-storage, etc.

Just adjust the wording to match your original FB post and copy/paste it as a reply to all messages about the property and you'll save yourself a lot of back and forth messaging for people who aren't truly interested or wouldn't meet the qualifications.