So put it on line 18 as "depreciation" if you don't want to be in underwriting purgatory, playing underwriter ping pong, and subject to the whims of a randomly assigned underwriter who is having a bad day because she just found out her teenager is smoking cigarettes. 

@Charlie Chres Licensed professional contractors generally dont let the customer supply materials .

I agree with everyone else here who highlighted the importance of staying on top of maintenance in old buildings, we achieve regular inspections through filter changes and CO2/smoke detector battery changes.

As someone posted - the actual priced based on a 6% cap rate will be much less that what is currently on the market - these sellers are seeing SFR prices going through the roof and somehow thinking that it applies to Multifamiles - but a MFR is only going to be worth what you can get out of it  and investors are too savvy to pay what they are asking which is why so many of them are just sitting on the market right now and agents are blowing smoke up about their cap rates

. $100k for anything in Old Town is a smoking hot deal, get that baby under contract!

Do they smoke?

Me being a "wealthy" American in a 3rd world country I always find myself having to buy home supplies (shampoo etc) and eating out for 3 or 4 people at a time.

why don't you call a TGC to give you a price on what you are trying to get done just tell him labor only and get our supplies, alot will not charge but its a good idea to give the guy 50 dollars cash to min to cover his gas and time to get you out an estimate.Make sure you tell him its builder grade and share with him the price you just got and see if he can stay in the range of David not a bad price range

Perhaps this is why Uhaul feels so strongly to move into this space...the same way the tobacco industry now invests heavily in the smoking cessation industry. 

To be clear, the area should sustain 85-100% occupancy for STR (like my friend sees with his units), as it is in high demand, and has a limited supply.