I would first figure out just exactly how much it would cost to get it to where you expected to be, then compare your profit you would expect to get should you sell it then.

Most of my clients are looking at the single family strategy since prices are insanely low compared to other cities. - that being said, if you find a multifamily deal...

How does it differ compared to the MLS?

If investors are buying comparable properties in the area for 25k and he wants 55k for it.... are you going to put it under contract for 55k just because you don't want to insult him?  

David,  Gotcha thanks.....Current comps today at 389 in as-is compared to similar.  

The last painter I hired, which granted is a fairly modest job compared to what many contractors are doing on your major renovation projects, my dude gave me copies of all the receipts + a summary of receipts page, as well as a bill showing his hours worked and hourly wage, and a final piece of paper that literally had $Parts + $Labor = $TotalBill.I felt that this was uber transparent and really appreciated it.

Since FNMA DUS lenders share risk with FNMA, more decisions are delegated to DUS lenders compared to Freddie Seller/Servicers.

I'm new here too, but if you want to compare notes just let me know!

@Felix Sharpe-- Here is my strategy ... a combination of the below approaches:(1) Market Approach: Review rental prices of comparable properties currently listed on the market.

I think this fits that.I haven't compared comps yet, but would normally I would go to Zillow for prices of similar homes sold in the 1-3 mile area (maybe more, if necessary).