Assuming a 3% annual growth rate in real estate value (again, not withstanding NOI gains due to management quality) you'll have a loan balance of $738,191 after 5 years and an asset value of $1,161,616.

@Eric WallaceAround here when you see purchases close to one another with a significant drop in price you are typically looking at an REO or tax lien: the first price is the bank/municipality foreclosure at the balance of the outstanding mortgage or tax lien; the second is often the property being resold off by the lender or at auction.   

You probably don't know how to price a rehab if you're  a realtor unless you have construction experienceExisting financing is important as far as what the balances are, what the payment is PITI and what kind loan it is, conventional, government-backed FHA, etc.A joint venture with the money partner might be an idea or a hard money lender might be an ideaIf it's a minor rehab I do joint ventures with the seller directly, where I'll give them a note for their equity, a vacant house, then I buy it  subject to the existing financing, and give them a note of their equity.At the time I buy it subject to there's a joint venture agreementI usually use private lender money for the rehab, and you can start going REIA meetings and asking for private lenders and also ask all your friends and family.Here's an exampleHundred thousand dollar house ARV needing 10,000 in rehabIf it's 65% of ARV minus rehab costs that's 55,000 for the sellerWhat seller in their right mind would take 55,000 for a 100k house that needs 10,000 work?

We collect the interest due for the balance of the month we fund a loan (if a loan funds on the 1st of June, we short fund 30 days of interest - if a loan funds on June 30th, we short fund only 1 day of interest).  

Our answer has been simple- We have a nice balanced portfolio.  

Or pay it off from an advance on the HELOC which would then make the interest payment go from $100 to around $150 per month making this a $38,000 balance out of possible $50,000 that can be drawn. 

Flip2freedom episode 77[http://www.flip2freedom.com/a-3-step-formula-to-a-successful-balanced-and-insanely-profitable-2012/] - podcast - LISTEN TO THIS TODAY!

You won't be able to get a "Full Approval" without an appraisal...and depending on your bidders deposit requirements, your risking that cash if for whatever reason, you can't borrow the balance due in time.  

Cut up your credit cards if you carry a balance on them, and start paying them off.

Get rid of the high debt balances first.