Up date one side by adding additional bed and bath (the other has already had this done and is in excellent condition)ARV: 475-500KMonthly income: $3200Monthly expenses: $2283 (mortgage, fixed and variable expenses, future assumptions) see below-monthly P & I: $1622- fixed expenses: $340/month (water/sewer, insurance, property taxes)- variable expenses: 2% vacancy ($64/month) , 5% repairs & maintenance ($160/month),  cap exp 3% (96$/month): No property management since we do this ourselves for our rentals.- future assumptions: 2% annual income growth, 5% PV growth, 2% expenses growth, 6% sale expensesBigger pockets tool sheet with above data:Cash flow: $916/monthCash on Cash ROI: 6.65%-7.57% depending on rehab costsPurchase cap rate: 7.15%I know this does not meet the 2% or 50% rule but it seems like a good investment for the area.  

I know if a similar situation and the buyer turned the business (bookstore) into a large studio.

There is of course regionalism to mortgage rates, and your personal situation plays a large role in it...but the difference in the jumbo loan rate and the conforming rate is only 1/8th of a point difference in my area right now.  

Hey @David Houghtaling it feels good to see another NY native wanting to get into REI and you will definitely get some great information off of the BP forums and website.

We have the goal to focus on flipping single family homes until we build enough cash to buy large building with 4+ units. 

It's actually a disservice to the seller and poor negotiating skills of the listing company.These larger companies often have very large overhead costs and must keep transacting to survive.I run a different model at my firm.

You take the address and plug it into the local county appraiser website.

When searching a property in my County tax assessors website the sold amount is $0 and the grantor field is blank.

Even off market stuff is getting a large premium over what the actual numbers warrant.  

I live in Southern California Los Angeles area, have a W-2 job in Irvine and no expenses or debts, with an excellent credit score.