I'm not sure I get it...it seems that there are very few things we can do that actually add value to a fix up project.

If I had done so with a project last summer, I could have saved myself a lot of grief.

Looking at the numbers CAPEX and repairs add a huge amount to the monthly expenses.For instance, this third deal:Monthly Income: $1,100Monthly Expenses $1,134.14Monthly Cashflow: -$34.14Pro Forma Cap: 5.22%NOI: $5,215Total Cash Needed: $11,050Cash on Cash ROI: -3.71%Purchase Cap Rate: $5.73Sale Price: $91,000Closing Costs: $2,500Renovation Costs: $4,550 (5%)TOTAL PROJECT COSTS: $98,050Down Payment: $4,550 (5%)Loan Amount: $87,314.5Loan Points: $864.5 (1%)Amortized: 30 yearsInterest Rate: 5%P&I: 468.72Total Cash Needed: $11,050Property Taxes: $2,184/yr2% Rule: 1.13%Initial Equity: $12,685.50Gross Rent Multiplier: 6.89Debt Coverage Ratio: 0.93Expense Increase: 4%/yrIncome Increase: 5%/yrProperty Value Increase: 4%/yrCash on Cash ROI: YR1 (-3.71%) YR2 (-0.63%) YR5 (2.64%) YR10 (9.76%) YR15 (31.56%)Annualized Total Return: YR1 (2.48%) YR2 (22.27%) YR5 (26.37%) YR10 (26.47%) YR15 (22.20%)Total Profit if sold: YR1 ($274) YR2 ($5,469) YR5 ($11,251) YR10 ($24,701) YR15 ($70,982)Expenses:HOA: $82Insurance: $66Taxes: $182MTG: $468.72 (@5%)TOTAL: $798.72Vacancy: $110 (10%)CAPEX: $190/mo (~2.5%)Repairs & Maint: $380/mo (5%)TOTAL EXPENSES: $1,478.72These expenses are different than the $1,134.14 mentioned early on.

Large project.

I have experience working on a wide range of residential projects, from small kitchen remodels to custom homes, everything from $50 per sq ft to over $1000 per sq ft.

Overall, things have been good, but my biggest problem is that the ceilings are paper thin.

@Patrick Martone I feel that this will be complete personal preference but if you are intending to do flips, would you consider doing more than one rehab project at a time? 

Just show them you have the funds and show them some of your successful projects.

□Do you account for your time so that you can tell what projects are jobs and what projects are investments?

We did advice the police of the illegal entry so it's documented should this issue surface again at a future date.Thank you again for sharing...I'm really looking forward to adding value to this project and continuing to make improvements!