I’m thinking about house hacking for the first time with an FHA loan 3.5% down.There’s a duplex that someone is selling me off market at $220k in a very good area in Tampa, FL (West Tampa is the area). 2/1 each unit and the rents are usually $950-$1,000, separate electric meters, one water meter.

Yes, the $5,000 worth of work is a guesstimate, assuming I'm only doing touch up on flooring, water damages (maybe), etc.

I have 13 years of residential remodeling experience, operate a one man residential construction LLC, and have a mentor with 30 years of residential remodeling experience that includes 4 flips.Here are the Deal Details:$450,000 = Property Value before renovations began$350,000 = Current value of property$220,000 = Current Mortgage held by parents$160,000 = Cost of making sale ready$380,000 = Parents total investment$500,000 = After Repair Value (conservative estimate)$120,000 = Profit of project$(10,000) = Loss of current equityHere's the Scope of Phase 1:Finishing current 1000 sqft renovationNew 1000 sqft garageNew 100 ft drivewayRenovating 1,500 sqft craftsman barnNew septic systemNew water wellAdditional Information:Despite that the property could sell currently for $130,000 net and the estimated profit will only be $120,000, my parents still want to continue with the project. 

This is local.I use 8% vacancy in my underwriting.Bump CapEx and repairs to 15% combined.Did you verify the water/sewer expense with the city?

If you don't have good numbers on your deal, you're dead in the water. 

I would like to get a list of all county properties that have had water/sewer services shut off for more than 3 months." 

Call the local water authority and get the last year's bills.What about lawn care, snow removal, and admin/professional fees?

They were in the deal, come higher or hell water. 

I am seeing people pay 275k for dilapidated 4 families with 50k deferred maintenance renting for 625/mo/unit and LL responsible heat and water.

(Water left on etc).