The good thing his, if you're house hacking with your VA loan, you don't really need a smoking deal - just a first property to get your foot in the door.

Now that doesn't mean you won't be able to buy a normal duplex with 3.5% down that doesn't need any rehab.  

For example, a normal Hard Money Lender (HML) will lend us 70%-75% of a property's After Repair Value (ARV).  

I'd look on a Redfin or Zillow to get info on recent sales in the area, price per square foot, etc to make sure you are in alignment.  

The adjuster will differentiate between normal wear and tear and damage. 

I try to keep 6 months per property worth since that's normally what banks want.

FYI -I once had a room in a small apartment that was 7 foot by 7 foot. 

He clearly doesn't get investing or that refinancing after renovation is just a normal thing for many people.There is a reason that Fannie Mae allows up to 10 financed properties per borrower.Stephanie

@Alex Forest nice plots.Since fed is printing money like crazy, I thought that using gold to replace US dollar to measure housing price makes more sense and can provide us a more realistic view of how expansive it is.My current feeling is that the price is relatively low, and I might keep buying for a while. if the real estate price normalized by gold increases above 700, I will sell.

Single family homes/condo are hot due to a lot of people moving into the area coupked with lower than normal supply.