Benjamin - Is your plan to refinance the property after renovations? If so, I would calculate the amount of cash you can pull out during a refinance and conduct a financial analysis post refinance. Looks like this is a multifamily property and if you're putting in $200k worth of renovations it might make sense to evaluate the property post renovations using a cap rate and NOI. Looks like you may have started to do that in Page 2. That said, your "as is" analysis based leaving the $390k in the deal looks like it works well. (FYI - The ARV on Page 1 as $600k looks off if you're buying at $600k and putting in $200k in renovation).