Now to make it even sweeter, me and my mother currently reside in a house in the Bronx that has a remaining mortgage balance of 225,000 with an unnoficial estimated appraised value of 719,000 sent by the bank.

Now for the expenses part I was taught that you should estimate that expenses will take up 40 PERCENT of your income which is 1560. 

In order to fix the floor, using my insurance, I needed access to the house and photos for an estimate.

Do not have an official rehab estimate yet, but right now its probably ball park $50-60k.

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How did your appraisal vs. estimated ARV turn out? 

I currently own my personal residence out right, valued at an estimated 330k and I'd like to do a cash out refinance mortgage at 80% LTV.  

expect to cashflow $150/month with capex estimated at 15% and 5% vacancy

Search "Comparable Properties" for estimated ARVs/Values.

2) Estimated value is $220,000-$230,000.