Purchase price: $325,000 Cash invested: $48,750 Purchased a single family fixer upper with the intent to convert it into a multi-family unit by re-zoning the property to include an accessory apartment for the duration of our occupancy.

We sold the house in 2012 for about $420K and purchased another fixer-upper, this time a 1500 sq. ft. 3 bedroom, 2 bath ranch style home that had the potential for adding a 2nd floor. 

I have received an offer from fixer upper professional who is also a real estate broker to invest in one of the property.The offer is that I will invest 100% on the project ( down payment and rehab cost etc) and he will manage the contractors and rehab work.

There's the newer inexperienced investors, the factory flippers with endless cash who buy 2-3 homes a day and are satisfied with much smaller profits and the owner occupants looking for a deal on a fixer upper, all of which IMO are overpaying and driving prices up.For 200k you're mostly looking at condos and townhouses unless you go out into the hood, but there's plenty of areas to look within much less than an hour drive from Boca.

Around here it seems that all the newer / non-fixer upper properties wouldn't cashflow too well right off the bat and would be more of an appreciation play.

By buying a fixer upper I am able to be all in after repairs for a lower price and I know the systems will be updated and pretty reliable.

@Nestor Naranjo I'm going to go out on a limb and say if you are asking the BP forum for help with analysis you probably aren't ready for a $1.2 Billion dollar property. 

I live in the area :)   (technically,  upper rainier beach so a bit farther north just into seattle)Neighborhoods around here do vary widely as to their appeal, type of property most prevalent and the type of tenant they will attract. 

Then possibly house hack a fixer upper duplex with a FHA loan for a year and then scale form there.

First of all if I read your answer correctly you are looking for a fixer upper, so it doesn't sound like the Realtors have the right search parameters.