A basic bathroom can cost $4-$5k, but if you are using over the top material it can cost 10k. 

I only ask because I would like to buy one there at some point ;-)The extensive rehab (basically turned it into a brand new unit) was the bulk of the appreciation, followed by me getting in at a great price. 

Are you a buyer?

In order to get positive cash flow, I'd have to stretch the rent amount just to break even.Another financing option would be to re-fi the condo again, basically re-finance remaining $66,000 amount with 20% down @ 5% on a 30-yr fixed:Rent Summary: I'd have to re-fi & put 20% down in order to have good CoC return (down payment + improvements + agent fee + closing costs), as well as a positive, somewhat plausible cash flow.

But here's where I am confused - what I am doing is basically the "BRRRR" strategy that is discussed here - I paid CASH for the house, fixed it up, and now I want to rent it and get access to the equity in the property, that's all.

Basic assumptions ...Fixer upper houses start at 75k in your market.Fixed houses go for 150-200k in your market.You are bankable and can Rent, Flip it wholesale..

(Basically cash for keys but much cheaper).

@Daniel BanksAs someone well experienced with flipping properties in the area, 70-75% is fine for your numbers.Obviously you want to start at 65% or so (or basically get the property for as cheap as you can) but 75% is probably a safe ceiling for determining your MAO in the Sacramento market.More importantly, if you're new you better be damn sure of your ARV.

went out and found a buyer for this property via Lease Option. 

Is it possible to wholesale a property to an end buyer with tenants already in the property?