I agree with @Ryan D. and you would have to talk with an actual lender with all your details to get exact numbers.

What tax jurisdiction exactly? 

Thanks Greg, that is exactly what I was thinking and wondering if someone else had done it and what their experience was?

What exactly are you trying to do?

The company I work for is located in Northern Colorado (Fort Collins to be exact).

Flip #3 Details502 Maize Ct3 Bed/2 Bath1440 sqftPurchase Price 87kARV 150kSales Price 150kRenovations Estimate 28kActual Renovation Cost 35kOriginal Profit Target 12kProfit 7.5kCondition: Awkward shapedCrap and piss everywhere and soaked into the baseboards.Roof that looked good until pressure washedClosets arranged in a way that made the bedrooms not very functionalNo pantry and limited storageOverall decent condition considering.No enclosed fence, but had fencing on the back yard as well as on the sides from the neighbors. 

Steve, Thank you for your response you are partially right in the sense that my research was not specific to Philadelphia and that is exactly what I am trying to figure out at the moment.

Habitability is the condition of a unit in which tenants can live free of serious defects that might harm health and safety. 

@Jason Carter @Tal Simpson this is exactly why I prefer getting info from locals, and people on the ground than reading reports and blogs and generic research.

If it’s on the ceiling and in good condition, there’s no risk until you start renovating and messing with it.Of course, your city may be different, but there’s no federal disclosure laws.