Unless the short is pre approved its way to time intensive to pursue these, as a broker that has worked many SS deals, i look for other outlets, and only look at shorts if ive got no other leads, and everything else is done, ,y books are buttoned up, my garage is clean,  and the windows in my house are washed, and still no prospects, then i may start looking at them,

After the tenants moved out, we noticed pretty extensive mold on both sides of the sliding glass door--wall and baseboard as well as the blinds and spots on the glass and frame.

Francesco is correct.I invested in this area 2013 - 2016 and at this point the window has closed for finding MLS deals "where the numbers work".I've started to look outside Hudson County.Union City has MLS properties from time to time where the numbers show some cash flow, but UC is a speculative play because the rent control board has frozen rent increases (my understanding-you confirm this).

Purchase price 147KListed for 299K, sold for 285 (went under contract for 290 but dropped it another 5K at buyer request after the appraisal just to get out of the deal)Home Depot credit card: 10K (appliances, fixtures and other things we picked out and purchased ourselves rather than having GC use typical builder grade stuff, also husband did some of the work himself so bought his own materials)Brought 40K of our own cash to the closing table, loan total when paid back was 185 (original loan 175 plus 10K in accrued interest, 12 month balloon loan so we did not have to make payments during the rehab, which helped a lot with cash flow, also loan had rehab costs folded in so for the most part we paid our guys out of the loan and not our own pockets)So (numbers are round): 285 sale price - 185 (loan payback) - 40 (cash we brought to closing) - 10 (Home Depot card) - 10 (closing costs) = 40K profitWork done: insulation and vinyl siding (this ate 18K of rehab budget but was unavoidable as cedar shakes were disintegrating), converted to natural gas heat (ducts already in place, changed out electric hot air blower to gas one and gas company ran the gas from the street for free), replaced AC compressor, new water heater, two new bathrooms, replacement windows, new appliances but left the wood cabinets b/c they were in perfect condition and I could not justify painting/replacing them, new kitchen backsplash, removed wall between kitchen and dining room, wood laminate flooring throughout except for new carpet in downstairs den, painted the deck/railings, new garage doors, one new slider, all solid wood interior panel doors, of course fresh paint and new light fixtures throughout.dining roomThere was moisture damage downstairs from bank not winterizing and pipes bursting...thanks, bank.Hauled out enormous old woodstove and broke up ugly old hearth and left good flue for someone to add new pellet or woodstove to if they want to, we figured not everyone wants a woodstove and this way the buyer can decide to add one back if desiredBathroom off downstairs den, chose a walk in shower for variety, hosing off dog or muddy children, disabled access, etc. 

Some other expenses are assessments that come up leaks from upstairs tenants that you might have to lay the money out and sue to get back ,broken windows It is just like a home but common areas might be exempt 

Adding another apartment or office would probably be problematic unless there are windows and doors directly to the outside.

I use 10 to 15 years for water heater lifespan so $8/month for its cap expense when installed to code using a licensed plumber.Flooring, paint (interior and exterior), appliances, roof, fences/walls, windows, furnace/HVAC, hardscape, siding, foundations, kitchens (cabinets, counters, sinks, etc.) , bathrooms all have lifespans and all add up.

Hopefully these two aren't willing to toss their realtor licenses out the window for this

The super yanked it out of theceiling and kept it in his custody.7) The bathroom "bathtub" is in deplorablecondition with the inner sliding screen door almost off itshinges and can fall on us while taking ashower. 8) The tap is moving around in the sink. 9) The bathroom doorknob was off its hinges but I got thatfixed... but now the door does not lock.10)TheA/C might have not been installed correctly, cold air seemsto flow through from outside constantly, it may pose to be a problem in the winters.11)Thewindow net is torn and patched with a piece ofsticker.

Expected renovations include: new windows, new flooring (carpet throughout mostly but a few rooms have hard wood), new paint throughout, landscaping/small patio work in back and stone work along steps and walk way, new light fixtures and other cosmetic items, possibly some repair to the slate roof and new kitchen (new cabinets, flooring and appliances).