Bones will still be good, roof has already been replaced, along with carpets once or twice.

Som bullet-points below:Acquisition Price: $19,750,000Sale Price: $28,700,00Unit Count: 164Hold Period: 22 monthsStarting Revenue: $121,000Ending Revenue: $179,000Renovations Completed: 80 units + Office, Gym, Pool, Playground, Bark ParkReturn to Partners: 1.5x; 25% IRRThere was clearly more value-add left in the deal, but we'd hit our hurdles and thought it'd be better to move the equity into a property with more meat on the bone.

Rafters are just wood that the builders cut on sight, they involve a ridge beam (think back bone) and the individual rafters (think ribs).  

I personally am not afraid of cosmetic work if the bones of the place are good.

Not enough meat on the bone to account for any hiccups, going over budget, unforeseen issues with the property.

However, these points (below) tend to tell me what to do with a structure:1) Are the "bones" (wood framing) of the home worth saving?

Century old home - bones and mechanical are very good - just dated cosmetics from a 1984 remodel.

Major markets are not going to get you optimal cash flow- everyone has been hitting them hard for years, you'll be licking the bone. 

So, he threw me a bone and gave me a couple of his guys to do a few projects in the house. 

Century old home - bones and mechanical are very good - just dated cosmetics from a 1984 remodel.