Purchase price: $135,000 Cash invested: $50,000 Sale price: $293,000 Living flip working full time job-full kitchen remodel-replaced all plumbing-new duct work with insulation-relocate and redesign fireplace-full 1st bath remodel-add 2nd full luxury bath (double shower, bidet, radiant heat)-convert sun room to 4th bedroom with radiant heat flooring-replaced all windows-upscale woodwork inside-repaint whole house inside and outside First 4 years forced equity and another 4 years market bring us another surprise with icing on the cake (market going up) Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

So I would be surprised that lake conroe market to pick up near future.. 

That was not a fun surprise, but not necessarily a big-ticket expense, either.

So I'm not surprised the landlord changed the locks.

December could be a good surprise or a surprise.

Also, don’t be surprised when the listing agents commission starts higher than 2.5%, the best agents at that price point can pull 3.5%

Okay, so my conversations with first time investors aren’t really so “who’s on first,” (if you’re too young to know what that is – google Abbot & Costello), but it does take people by surprise when I tell them that defining your why is the most important first step you can take to becoming a successful investor.

I hate to micromanage too but I would not like any surprises later.

So far one of the 15 units was a "night before closing surprise vacancy" and one more tenant is running for the hills, which gives us some unfortunately depressed cashflow for months 1 and 2, but a great ability to replace those with ideal tenants at full market value.

Originally posted by @J Scott:This type of estimate will work for some types of houses, at some time of the year, at certain points in the economic cycle, in some locations, using some types of materials, some types of contractors, with a certain level of negotiating skill on your part.Long story short, unless you're comfortable going back to the seller after doing a detailed analysis and telling them that you were way off in your estimate, I wouldn't use this method.Instead of trying to estimate a rehab in less than one minute, I would recommend learning a more detailed methodology, and spend 10 to 15 minutes getting a much more accurate estimate.Just my $.02...LOL...I should not be surprised that is the very best way I've ever heard this problem explained.