Roof an d yard.

They are all at least $200 under market rents, and I don't know yet how many new roofs, HVACs, if any, windows, electrical updates may be needed yet. 

The house was listed at $40k before a tornado came through and put a tree on the roof.  

the nicer the neighborhood also, the higher the rent.usually, when analyzing a property, I look at:Purchase price (loan payment)taxes (county, city, school)insurancevacancy (7-12%)management (10%)capex (10%)(repairs for things down the road, ie: roof, furnace, etc. less for newer home, maybe zero for a number of years.)Misc (could be anything, ie:  Water, trash. lawn care, snow removal, etc...depends on your area)once I have this number, I subtract it from the rent I can expect to receive. ( you need to know what you can get in the area for rent. 

Just sold a foreclosure listing where the bank did $85k+ in renovations including 2 completely new bathrooms, upgraded the kitchen, roof, HVAC, redid the floors, and even landscaping.

Anyway, they have told me multiple times they pulled a permit for the roof which was done weeks ago btw, but nothing shows up online.

In fact the 92024 zip code boasts of some of the most expensive properties in all of San Diego County.We are installing a 1x1 foot footing with an 18 inch rebar reinforced and concrete cell filled block and mortar stem wall  around the entire perimeter of the footprint in order to support the new interior drywall, exterior Hardy Board Cemetitous siding and a 12/12 pitched metal roof.I'd say that's a pretty safe bet considering we're going to have to spend close to 75k (our cost as contractors) to strip it down to the bones and rebuild it from the mainframe up to and including the roof.

I make about $500-600 a month on it, so the returns are through the roof.

I don't have $200,000 personally to rehab a place so I wanted to go the 203k route.I have gone through the process of getting pre-approved for a 203k and have been advised that I will have to do A LOT of leg work finding 203k approved contractors, and working with the consultant that will monitor the process from start to finish etc.I have decided to go 203k over FHA because I want my place to be damn near brand new so that I won't have to worry about roofs, water heaters etc. for the first few years.

I know you have to keep the historical integrity of the house but the backyard is large and the roof must be replace anyways.