Hi everyone, I have a bit of complicated deal (atleast for the inexperienced) Please let me know what your thoughts are and how best for me to proceed.This sfh came to me from a friend, apparently his father went through a mid life crisis, the ex wife got most of everything, anyways he is 5 months behind on a rental property he has owned for 18 years.

We recently bought our 2nd house in mid December & have done a few repairs with a couple more to be done in the months to come.

Labor prices will vary based on many things:- Location- Time of Year- Skill of Contractor- Insurance/Licensing of Contractor- Finish Level- Your Negotiating Ability- Etc.That said, as Joel pointed out above, if you're paying RSMeans prices, you're way overpaying for the typical low- to mid-level rehab.

I'll keep everyone posted on how this goes, but we should have the entire process completed by mid February.

If that were in my wallet ;) I would be looking for a larger property, maybe commercial, and one that could provide an IRR in the mid-to-upper teens.

One possible future improvements could be to get C/A or add a bathroom (like you mentioned).Even if I could get $1200 market rent and haggle this down in the mid 90's, it would show positive cash flow.

I work full time myself and would prefer the weekends mid day -early evening.

Added assumptions:5 $150k homes that rent for $1600 on average in nice parts of town in mid-America.

Good job on small budget.I disagree with one of the other posters - I think the backsplashes in the two bathrooms look like an afterthought - a high end out-of-place afterthought in a mid range house.I think the crown molding dresses it up quite a bit.

One of them is a couple in their early 20s, have better credit histories and scores (mid 600s), good landlord references from current and previous landlords.