I have not gotten a official inspection yet, but based on my inspection of the house it needs the following, heat/air unit, appliances, some flooring(laminate is torn). 

We also have office space on the first floor. 

I was thinking about marketing to a smoker so I wont have to tear the place down and start over with new flooring and walls.

Asking Price: 260,000ARV: 240,000Offer Price: 210,000 20 % down on 30 yr fix 4.125% conventional loanClosing Cost: 10,000Target total cost: 220,000Monthly P&I Payment: 1,800 - 2,000Annual Tax: 9,275 Potential get down to 7000 - 8000 Rental Income: 2100 - 2400 Potential 3500 if sublet by roomPotential cash flow 600 - 1200 monthlyRenovation budget: 20,000 (needs kitchen)Features: 6 Parking SpotFinished AtticFirst floor office space2nd floor 4 BRNear Train station to NYCIs there any other thing I need to add and what do you guys think?

It is flooring time again in a duplex I own I was quoted $1750 for a 114 sq yds of commercial grade carpet.

Also Mindy Me even mentioning $369 was irrelevant, really $329 is conservative as this will be 4 bed 2 bat 1750 Sq feet.  10 doors down(not adjacent to highway though)  A 1 story 2 bed 1 bath 1300 sq ft home with identical first floor plan just sold for $299K and there are many more comps to support. 

What if this is a first floor of a multistory building?

I stayed in my rented apartment for another month until I had fixed all the essential appliances, painted and put down new flooring. it was a mild inconvenience for the extra 60,000 in instant equity i had one year later. 

Most leads are from your own doing or what you can get from your office (floor time).It's a tough biz, especially part time, but it can be done. 

Your going to want to look at the floors above, and obvious sloping of the floors.