But my loathing for institutions like Deutschbank, BNP, Société Générale, Credit Suisse...that's of a different order, because I'm Greek-American.

I'm fairly new to note investing (and real estate investing in general) and am not accredited, however I have worked in investments (stocks, bonds, mutual funds, etc) for 6 years and actively invest in those arenas and am a CPA, so I'm pretty comfortable with financials/investments/risk/etc.

There is no hard and fast rule and the grading is somewhat subjective, but most people agree with the general definition of why a property may fall into a certain category.

Prefer that over general statement please if possible.

@Benny Gelbendorf The roof and gutters would be around $1000 (fix top few rows of brick on chimney, replace pipe boots, split boot on electric meter mast, new gutters & downs, maybe gutter guards on some areas)The mold I do not know, I would imagine in the $1000 range, but would need an inspection from a mold expert.I am an exterior contractor and my partner is a handyman/general contractor.

@Csilla Veress A couple of books that may help with understanding PV (present value) calculations, as well as note investing in general, are:Invest in Debt by Jimmy NapierPaper Profits by @Joshua Andrews  (my personal favorite)This blog post by @Mike Hartzog may also be helpful:https://www.biggerpockets.com/blogs/5359/41924-doi...PV is the way most note investors do pricing for performing notes, but for non-performing, you'll want to build an ROI calculator as  @Chris Seveney suggested so you can look at various exit scenarios and take into account costs like servicing, legal fees, insurance, etc. 

SFRs in general just are too expensive for rental purposes in this market.. 

- Robert Washington state has a specific anti-flipping law that requires a general contractor's license for any improvements above $500 on flipped homes.

He should be able to tell you where it’s from, and what (in general) should be done to fix it.

Generally 3 to 5 bidders show up in my county.