I personally think the ceiling that makes sense is around $130,000… reason being, our average sold price is mid $200’s to upper $200’s (near $294k at the height, some fluctuations now) and so I feel really safe with a renovated asset in the mid $100s knowing that odds are I get some built in equity with appreciation giving us room to average out closer to the area average.

@Sam Dorgalli you bet, and best of luck!

We're about to finish that and even in winter time I bet we rent the place in 2 weeks.OP has some weird angle on this one, I am waiting for his sales pitch. 

Also glad you took a bet on yourself!

However his odd situation might plays on his favor.. some background: He owns the place since 1990 (bought for $14k).

I doubt anyone has numbers for this.I would bet dollars to donuts that the majority of mom-and-pop investors today got started in the last ten years.

Below is a link to a sample Excel file found online (oddly enough, it is from Alaska Housing Finance Co).

I bet if you ask the inspector if they guarantee there is a leak if you rip open the wall they won’t say yes.

The odds of you landing the deal are MUCH higher in this scenario..

Thank you Dan for making me think outside the box, this is oddly enough what I love about real estate- it keeps me thinking and trying to come up with solutions!!