If you could work your numbers (lower buying price, reduce rehab) so that you could exit at 250k, you might be getting pretty close.Just verify your rehab numbers. 40k on a full gut rehab with roof, electrical and plumbing is going to be really tough (at least in my market).

There are not plumbing, electrical, roofing, of foundation issues.

Such as a termite problem, electrical issues, bad roof, etc.

The ceiling on the lower level needs to be finished, but the exterior walls are in good order, there is plumbing already run and electrical wiring throughout the downstairs area. 

31200 yearly gross rent4000 property tax250 electric (just some lamps and laundry?)

My real estate agent says it should be ok for a week extension, but I made the mistake of googling it and saw that in 2010 Wells Fargo stated they werent taking extensions.Cons: Wells Fargo might not be taking extensions any longer, I am hoping somebody has dealt with them and knows frist hand.Pros: The owner had his water shut off intentionally which delayed our appraisalThe owner had his electricity shut off after that which delayed the appraisalThe basement flooded which pushed us to have more than one appraisal.PLEASE HELP!!!

Ask them who does their mastery work: Their electrical, plumbing, carpentry.Some people will talk to you and some will have no time for you, but with some persistence you'll get a free education and hopefully a nice contracting connection at the end of it. 

Mortgage (based on a $10,000 down payment): $577The following rents apply:1/1 for $375 | 1/1 for $500 | 2/1 for $485 | Efficiency: $300 = $1,660According to the post, the owner pays some utilities:Gas: $43 | Electricity: $160 | Water/sewer: $103 = $306Cashflow: ($1,660 (Rent income))-($577  (Est Mortgage))-($306  (Utilities))-($132  (Property management assuming 8%))= $645COCROI: ($645x12)/($10,000(down payment)) = 77%

- Is it part of electricity?

Looking for a good draftsman and construction contacts (HVAC, painting, electrical, landscaping, plumbing, handyman).