Based on that - and a myriad of other reasons - I thought there was some wiggle room.My question now really is, is this the right perspective?

I spent nearly a year and a half chasing REO's and bagged three.

Amazon is moving into Euclid and a little more south near Bedford.

The upstairs bedroom appears to be more of a loft and a large downstairs room which could be a family room, large bedroom or workshop.What I would like to do is convert the bedroom to a more traditional bedrooms with doors and closets, possibly turning the the large downstairs bedroom into 2 bedrooms and adding a bathroom maybe in the loft bedroom area.What would these improvements cost?

Do you already have a good circular saw and a good miter saw. 

I graduated from high school last year, with around 8 accpetance letters to a few state universities in California and a few community colleges in different parts of the country. 

The upstairs bedroom appears to be more of a loft and a large downstairs room which could be a family room, large bedroom or workshop.What I would like to do is convert the bedroom to a more traditional bedrooms with doors and closets, possibly turning the the large downstairs bedroom into 2 bedrooms and adding a bathroom maybe in the loft bedroom area.What would these improvements cost?

and a break downpurchase costs- with eveything broken downselling closing costs with everything broken downholding costs with hard money- etc.

The seller sang praises of the tenants and made them look as the coolest thing after sliced bread, and as if God had dropped them from heaven.

@Laura Engel A Builders Risk and a Vacant policy are 2 different policies.