You want to minimize tenant flip costs and time.   

However of course holding it my capital expenses should be pretty minimal for awhileThank you for the time and responses in advance

We hardly had any kids in the 1/1 so turnover costs were minimal as long as we had a good tenant taking care of the place.

They are fully paid off with rents coming in total of $7950/month with cost of HOA fees and insurance with minimal repairs costs.

We own this outright, no mortgage, just paying HOA and expenses which are pretty minimal.  

I have about half but if I could do it with minimal money and still come out ahead that would be ideal.

Hey Michael, it sounds like it would make sense just by doing the back of the napkin 70% rule as long as the construction costs stays tight, even if it runs over you'll have wiggle room and worst case you may only have minimal into the deal.. without seeing the property seems like a nice deal.

Fortunately we were able to feed the majority of the circuits through existing walls/ceilings with minimal drywall removal.Just upgrading the service & a panel here runs $2400+ so re-wiring all circuits would probably run an extra $2-$3k.

PITI ~$515 w/ a $950 rent and minimal needed for CAPEX.

Minimal documentation, high net worth, high credit score.