The numbers I pulled are from my own due diligence in running the numbers for comps, rehab, and rents (I am typically very conservative as well).

To be conservative and prepared, I'd like to see investors calculate their selling/refi cap rate 1-1.5 percentage points higher than they bought it at.

I shoot with your higher estimate to be conservative. $220,000. 

I think that sticker price is kind of high so I would definitely run the numbers conservatively.

Divide by 2 is an adjustment for expenses.NOI / PP is the CapRate.Personally, I've used 30% for expenses, but the 50% would be more conservative.

Thus, the ultimate answer to your question is just as different for each person answering it as it is for yourself.If it were me, today, in that position I'd be (and am) acquiring value-add multifamily, 200-400 unit complexes built in the 1980s-90s in growth markets using conservative leverage and underwriting assumptions.

Deals are not hard to find although I am being very conservative about numbers as I need the best ROI possible.

My opinion is why pay to save a few dollars - use your energy to finding great equity packed deals (get involved with Power Prospecting) - when you are close to a great deal ---- refinance or get a credit line - use your equity power to grow your wealth - don't be passive at this point.I have been too conservative in the past and loving my equity and net worth - the power with cash and equity is amazing - MONEY - is a powerful commodity - create it and use it to achieve your goals.

:-)Maybe I am either too conservative or you have more nailed down numbers.I am looking for anything.

You will only be able to take out a max of ~70% LTV of the appraised value which will likely be very conservative regardless of how much down you put and then you have to pay off the original loan (don't forget to factor in loan costs for each).