Worst case, you spend $400 and avoid a disaster; best case, you spend $400 and come up with some stuff that's not too important but that you can use to beat down the price.

Essentially, what do you want (min. thresholds), how much risk you are willing to take, budget, investment time frame, time commitment and liquidity constraints.

Your vacancy and repair estimates are low, you aren't budgeting for a PM which will be a HUGE headache out of state, and you aren't budgeting for CapEx.

I should add, I am not sure how much we spend in beer at the local watering holes where our contractors hang out.

There was a time in the 70s the nation was in massive recession but due to mainly defense spending SoCal was still very bullish and prices doubled while the rest were in a tail spin, especially places like NYC were looking very bearish.

All, we recently purchased a value add property and the bank is asking for a construction budget for the next six months.

What’s you budget and what kind of property, multi-family or one family?

Will the property reach your ROI and cashflow goals if you have to spend more money than you planned after closing?

He wasn't spending any money, and with his hazard pay he was making decent income.

I would rather not spend tons of money on a hotel or, god forbid, an apartment while I house hunt.