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I would not count on the garage for any additional income.

This was a big project requiring new electrical new plumbing bathroom addition new roof Windows, everything.

Question:  If someone told you that there was brand new construction, within walking/biking distance of downtown, for a list price of $1.3 million, would you believe it?  

My question is, are those good enough margins after you calculate additional expenses?

John,Is there an un-permitted addition that is holding the additional 300sf? 

It's a 2bedrooms/1bath over 2beds/1bath over a fully refurbished walk-out basement.

I Really need to walk away from this with $55k that was the discussed purchase price (when I thought they would be cashing me out).

I have never picked up a hammer so i would need who ever is interested in working with me to walk through with me.

Expenses (in addition to P&I, insurance and taxes) being 3% vacancy, 5% repairs, 10% cap ex, 7% property management.