No obvious structural issues from the listing, but the age suggests surprises are likely.Rehab Budget: • Low estimate = $50K (light updates) • More realistic = $75K (new kitchens/baths, flooring, paint, code updates) • High end = $100K+ if major systems need replacingRents (CMA comps): • 1BRs: ~$1,400–$1,750 each (https://prnt.sc/RMm854WPuPdk) • Stabilized Gross Rent: ~$4,200–$5,250/mo (~$50K–$63K/yr)Cap Rate: ~9% if rehab stays in the $50K–$75K range, falls closer to 7–8% if it pushes past $125KConstraints:FHA 203k requires me to live in one unit for 12 months, so only 2 units would generate rent in Year 1.With 2 units rented, cash flow looks negative (~–$600 to –$900/mo).With all 3 units rented after Year 1, cash flow flips positive (+$600–$800/mo) and grows with rent increases.My Question:For anyone who’s done a 203k or similar triplex rehab — does ~$75K sound realistic for getting this building into clean, rentable condition (floors, paint, kitchens, baths, basic systems)?

Sorry to hear about your negative experience!

That is the cost / benefit analysis everyone should do and for everyone it is different.Your friend finds the cost (or whatever is the negative for him) not to be worth the potential benefit. 

I didn't mean for my post to sound so negative.

Throwing good money after bad to delay a negative report.  

They age the barrels on ships at sea and it has a very complex flavor profile that is very salted caramely to me, I only drink it when I hit milestones or goals!

I don't say that to be negative, but all policies will favor tenants and tax the investment; either you play ball with institutions/HNW or get the F out and sell to them.

I only offer MTM leases, so in this case I would just terminate the tenancy, then evict the tenant as a holdover if he doesn't move out. 

I only invest in Section 8 properties and am very weary of the companies that I have seen "helping" investors in section 8. 

I only have 2 units and could easily see how it is scalable to much more.