You don't base your offer off of projected potential rent rates only current or previous.

I think I have a few projects now!

I believe it's based on trailing indicators, as they look at the change in value over the past year (as far as I can tell) instead of projections into the future.

The total cost of rehab for this project was just under $16,000. major rehab break down:-unfinished attic was broken into 2 large bedrooms - new attic window to meet egress-upgrade electrical -carpet second and third floor-laminate flooring kitchen/bathrooms-created a new bathroom on first floor.

The unit is on the roof with no access except by ladder.

Considering the length of time that has passed i will assume you already have someone, however I would appreciate the opportunity to give you my contact information for future projects.

The roof has an unknown age as no new permitted roof has been pulled in the past 30 years, but no appearance of roof leaks currently, but looks aged.The bank asked me to give an offer...Comps in the area have sold in the past 12 months from 110-119k, rents seem to be around $1000-1100/month

Is it difficult to find financing for these types of projects?

We looked at a couple of distressed properties, but they were way too big of projects for me.

@Bruce Bloom Kinda hard to cash flow on preconstruction properties unless you sell your interest (to capitalize on an increase in price) or prefer to have your capital tied long-term (hoping that the developer finishes the project).