Here’s the listing:--> https://www.zillow.com/homedetails/398-402-Boston-Post-Rd-Wa... price: $350,000My plan:Live in the smaller homeRent the larger home immediately (after light cosmetic work)Use FHA (3.5% down) + CHFA (down payment assistance)Reduce my personal housing cost as much as possibleSlowly fix my unit over timeBuild equity and eventually refinance to help fund a future businessNUMBERSPurchase Price Target:Offer target: $260,000Expected seller counter: $275,000–$300,000Currently listed at: $350,000FINANCING (FHA + CHFA)FHA 3.5% downDown payment covered by CHFA assistance programEstimated interest rate: ~6.5–7%MONTHLY PAYMENT ESTIMATES (P&I + Taxes + Insurance)At $275,000 purchase:Mortgage (P&I): ~$1,775Taxes: ~$420Insurance: ~$150--> Estimated Total: ~$2,350/monthAt $300,000 purchase:Mortgage (P&I): ~$1,940Taxes: ~$420Insurance: ~$150--> Estimated Total: ~$2,510/monthRENTAL INCOME ESTIMATE (Big House)Based on local comps:Low: $1,700/monthTypical: $1,800–$1,950/monthStrong (clean/paint/update): $2,000–$2,100/monthMY OUT-OF-POCKET HOUSING COST AFTER RENTIf I rent the big house at $1,900/month:At $275k: ~$450/monthAt $300k: ~$610/monthIf I rent at $2,000/month:At $275k: ~$350/monthAt $300k: ~$510/month(I currently pay $0 in rent living with family, so my goal is to keep my costs low while building equity.)REHAB ESTIMATESBig House (rent-ready):Cleaning + paint + small fixes: $1,000–$3,500Optional cosmetic upgrades: $2,000–$5,000Small House (my unit):Cosmetic repairs only: $500–$3,000Optional improvements (done slowly): $2,000–$7,000Major systems (worst-case ranges):Roof: $8k–$12kBoiler: $4k–$8kElectrical panel: $1,500–$4,000Plumbing repairs: $500–$2,000 typical(Inspection will tell me more.)CASH NEEDED TO CLOSEWith CHFA:Down payment: $0 out of pocketClosing costs: varies, but often reducedExpected out-of-pocket: $1,400–$1,800Inspection: $400–$600Appraisal: $500–$700MY FINANCIAL POSITION(To give you context for risk tolerance)Income: $5,000–$6,000/monthMonthly bills: ~$2,600Emergency fund: $10,000Credit: 717Access to 0% APR business credit card (likely $8k–$12k limit)Currently pay $0 rent (living with family)MY QUESTIONS FOR THE COMMUNITY1.)

We were just gonna paint the cabinets they look good and didn't wanna destroy them trying to remove the tile counter tops.  

I'm okay with painting and adding some cosmetic appeals to increase rent but I don't think I know enough to jump into a property that needs the kitchens or bathrooms fully demoed before it's safe/acceptable to live in.Ideally I would like to buy in Charlotte or the surrounding areas.

Update all plumbing fixtures, new lighting and paint.

New floors, new paint on everything, new kitchen and bathroom, all new windows.

Maybe go visit them and see what they have to offer interior and exterior, as well as age of the units, as well as grounds keeping, as well as parking lot condition (Alligator with potholes, slurried, fresh black top with new paint lines).

.- paint patch walls through outAll suggestions are welcome.

It's going to be a hassle for the tenant and more expensive if you try to paint an occupied home. 

I'm shocked that you could get a full bathroom and two bedrooms in an unfinished attic for $50,000, let along paint. 

@Christine Knezevic, @Mackaylee Beach, @Christian Maluo, @David Peschio, @Noah Corwick here guys this is a free Rental Paint Color & Prep Guide: https://www.g3manage.com/rental-paint-color-guide  --- It's a PDF of rental paint colors and color codes along with prep and then also includes a free paint approval form for landlords/tenants.