Closing cost not only includes down payment, but insurance (must pay 1yr upfront), survey costs, PMI prepaids, state/city/county recording fees, etc.  

Realtytrac had a survey recently that showed 5 Chicago zip code with the highest returns for property flips - multiunits included.  

I am curious, did you conduct your rental survey yourself or did you hire it out?

For even more accuracy, we choose to only use comps that are 1/3 mile away or less, with sales dates within the last six months.Sometimes, even the street can make a difference in the value of a property.If the only comps you have are on very nice streets, but the house you’re considering is on a very “distressed” street, then you have to reduce the ARV.How much is an appropriate reduction is a judgment call on your part.You’ll want to base that call on how much of a discount will be necessary to entice the final owner/occupant to buy this property over one they can get on the “better” street.If the comparable sale that you are using is too different from the subject property, then it is of little value.If you use it in your sales marketing, you’ll lose credibility with your Investor Buyers.An example of a poor comparable is when your subject property is an old cottage fixer-upper, and you compare it to the sale of a brand new in-fill (an in-fill is a new house built on a vacant lot in an otherwise established neighborhood).Rehab dollars vary according to level and detail of the job – everyone has a different formula.As a wholesaler, we suggest a middle-of-the-road approach for estimating enough rehab dollars to get the subject property to look like the comps.You’ll need to spend more on rehab as the ARV increases.Logically,buyers like more ‘pretty-ness’, higher-end fixtures, cabinets, etc. when they’re paying $200,000 vs. when they’re only paying $100,000 for a house.Buy/Sell/Hold costs are all of the costs associated with:üThe purchase (loan origination fees, title insurance, attorney fees, survey, appraisals, etc);üThe sale (real estate agent commissions, marketing and advertising, closing costs paid by the Seller); and üHolding the property (mortgage interest, utilities, taxes, insurance, etc.).

Originally posted by @Mike Cumbie:@Rob D.I keep recommending my clients have an- Attorney approval- Contractor review- Radon test- Lead based paint test- Asbestos test- Septic inspection- Finance contingency for FHA- $2500 repair expectation for any repairs FHA demands- $1 EMD- Engineers inspection- Furnace inspector- Partner approval- Environmental impact study at sellers expense- Neighbor interview- Plumber inspection- Assignment of contract- Well test- HOA rules approval- Certificate of Compliance acceptance- Marketability of title- Town code review- Survey- Soil testFor some reason they keep complaining they are not getting a response, beat out or end up spending thousands in tests and fees only to lose to some cash buyer when they request a repair.

Having done it yourself (in a matter of minutes with this software), and having reviewed rich, objective information, you will pretty much know what you want and can get focused on a shortlist of opportunities quickly.We're actually surveying people in long-distance buying situations to make sure we are building the right thing.

So the IREM report surveys property managers all over the country (thousands of them), and they produce reports each year based on those surveys.

I will make sure we survey rents before listing this again.

The project budget includes the soft costs of things like surveys, plan check and permit fees, and professional fees for the architect and engineers, and is usually in the 12-18% range.

It's laughable that you think your sample size of 1 (the radiologist ,as the perfusionist is highly trained but not an MD) is more accurate that the survey of 24,000+ Drs. from accross the country.