I have yet to do a true rehab (flip), but my advice would be to absorb as much information as you can and set up keyword alerts for the "fix & flip" to see others questions and answers as well as look through the deal analysis forum category to see how others analyze deals and estimate rehab costs.

Setting up and maintaining an LLC comes with annual administrative costs, so another thing to consider is your cash flow.

Hi all, just curious, what is a reasonable cost for replacing both an exterior door and storm door plus labor?

Big amount of square footage in a high cost area. 3/3 made it attractive as a starter house.

We all have our margins, our exclusive costs and our profit/overhead.

I personally don't know much about that market but I have worked with a lot of people in Florida that are investing in Detroit.Some newer challenges in Florida are insurance costs going through the roof.

I would say the cost if it does become an issue could be high but that is a call you have to make. 

The unfortunate truth about cheap properties is that a hot water heater and a roof still cost about the same as a proprety in a more expensive areas so your repairs/vacancy/capex is going to eat up a larger % of the gross rent than a more expensive property even though the $ might be similar.

Then its a matter of determining what repairs need to be made, what they will cost, who will do them, and how long they will take.

By painting the brick you are adding to the cost of owning the rental that will come out of your profits as maintenance.