If I put in 5 percent per year increase in value, then it would only add 5 percent to 80k, not 100k. 

Although I am not particularly "low balling" anyone, I do factor in margins for the unknown during these volatile times.Personally I have been adding to my vacancy reserve (physical/economic vacancy growth) as well offering at a slightly decreased amount (1 percent above prevailing cap rate) due to the current state we are in (Covid, Eviction protections, Unemployment, etc.) 

According to Apartment List’s latest renter migration report, 70.9 percent of searches for apartments in Austin are coming from outside the metro, the highest share among the nation’s 50 largest metros.

Also your maintenance will be lower as a percent of your rents since rents are very high.

It kill 99.9 percent of germs (both bacteria and viruses).

You also have to look at the fees a GP is charging as my opinion is GP's state we are investing 10 percent or close to that in deal but they charge a 2 percent acquisition fee plus a 1 percent disposition fee which pretty much is that 10 percent investment. 

So 1.5 years so far.The purchase and the rehab is 100 percent borrowed money, mostly off a business credit line we have secured by apartments we own.

Hi Joseph I Joined JB goodwin as they dont have monthly desk fees and when you start out at getting 70% of your commision till you work your way up to 90 percent by selling you never revert back down to 70 % yearly like with other brokerages I talked to.

I have been using the calculator and it seems like the 1-2 percent rule is realistic for properties around 230K in some Minneapolis areas. 

Then do a cost analysis by getting a few construction estimates for the total conversion add the cost of appliances, and an extra 5 to 10 percent for unexpected cost, and the amount lost for the vaccany period.