If you buy from a real plumbing supply house a lot less.

I looked at several in my area of PA and found the deals unlikely to be profitable.My concerns were high HOA fees, as @Jose Ramirez mentioned, restrictions on rentals (not allowed=obvious dealbreaker) and my personal concern about there being a good supply of prospective tenants.My recommendation for you is to check the rules to be sure you can use the property as you intend, analyze it to make sure the numbers work for you and research what the rental market looks like in that community if that is your intent.  

Also supply and demand of available rental units in the "Class" you are building. 

If it looks to you like the same supply and demand fundamentals over the last 20 years are still present today, and are likely to continue, then that is the appreciation rate I would assume.

Some more details with this deal is my partner supplying the capital to pay all cash for the house and the rehab and we will split the potential profit 50/50. 

If you purchased supplies for multiple projects to restore them to working order, that sounds like a repair to me.

Out there there was plenty of supply and not as many realty agencies as Boston has.

For the past 5 years, I have owned and operated a retail beauty supply in Fort Wayne, IN and stumbled upon my first real estate investment.

In Charleston SC we have a limited supply of multi-family units.  

I'm assuming the Dealer Broker would supply the note and we would complete the terms.3.