We are also building a house in Portland's Street of Dreams show this year, so if you are up here this summer let me know and I'll hook you up with some tickets to the show.

I would plan on replacing the sheathing thats rotted my self, but can you get away with a text book fix on the rafter ends, or is the roof inspector going to bust my chops?

And tape can cause nut to become out of round upon tightening and can jump thread, not allowing it to get that last bite.I also found black iron pipe nipple on water supply.

You have a $120K loan (I'm rounding on all of this). 10 years later its worth $250K, so you do a cash out refi into a new $200K loan.

It's also a comfort knowing my tenants cannot do any of these things without also violating the HOA rules and that I have the HOA alerting me if my tenants are trying to get away with something as all my leases say no businesses or commercial vehicles on my property, but some still try and get away with it.

And like James, add in large ticket items like a roof. 

It just doesn't work that way in the residential market.So, assuming:- $62,000 purchasae- $12,000 rehab- $106,000 resale- 12% of resale in fixed costs (just guessing, let's round to $13K)The potential profit is:$106K - $62K - $12K - $13K = $19KSo, if you're confident that your ARV and your rehab costs are accurate, if your fixed costs are in the $13K range, and if you're happy with a $19K profit, it's a good deal.Just make sure that rehab number is correct...I don't tend to do too many rehabs for under $15,000 these days...

You might find the local REIA helpful, pm me and I'll get you the info and some guest tickets if you want 'em.

If we just round out a percent to be close to those costs, say 10%, then we understand our net recovery from the real property sale event is 90%.

I too have seen many cycles, but never anything like what happened this last go round.