The true measurement of the investment is going to be the original capital balance you put in minus the ending capital balance at year end.  

I'll aim for next month's meet up.

Either way, your market needs to be able to support a 2 bed home at the price you're aiming for.

When you run comps, you essentially get a series of points of measure;1.

Deck board would have to be screwed down (nails will eventually pull up) or replaced entirely if it's warped beyond repair (simple enough: measure piece, buy at HD or Lowes, and install).

Have the carpenter do your measuring to be sure you get it right!

I know I could aim to get more out of the deal but it's the experience i'm willing to sacrifice money for, and it's a friend who's not hurting to sell either.

I will say the vacancy rate @ 5% should probably be measured closer to 10%, good luck to you. 

May use this to put a measured amount of offers on the table at once.

Cash out refi is what I'm aiming towards as well.