Depending on the age of the plumbing in place, you'll end up with more dependable trouble-free plumbing that should last for fifteen or twenty years with no major repairs.

We are supported by two major educational institutions. 

I've cam up with a $280k ARV because to properties on the street and block sold 7 months ago for just of $300K same style, rooms and similar sqft, only major difference is the house I might be possibly rehabbing has only 1 bathroom and the rest that sold for just over 300k has 2 bathrooms.

I found comps and the numbers pencil out nicely, if there are no major structural issues.It's an old building and the listing agent, who I trust, says that there are no major structural issues.

If a turnkey provider avg rehab is not $20,000 to $30,000, then major deferred maintenance is not being addressed.  

I would add though what he did do that separates him from the vast majority of others is he actually took action.He obviously spent time learning what he needed to know, assembled a meager amount of capital (for real estate) and then went out and started taking numbers and kicking butt.And then he repeated that over and over. 

When we moved to my home state of Montana, we found a newer house with no major issues.

.$1150/month rent - about average for the area$67k left on a $73k loan @ 5.75%, appraises at around $90 (so 25% LTV) - $900 PITIcarpet will likely need to be replaced after this tenant leaves - had 2 large dogsall major appliances ~7 y/o and in good working orderI bought it in '09 - it was my first home purchase - and lived in it till summer of 2012.  

I've got two calls you'd appreciate.One is with a Major League Baseball player on his $1.7MM house and the other is with his financial advisor who you will hear tell me he understands I'm going to make over $100k on the deal and has no issue with it because I deserve to be paid. 

There are two more bedrooms down there with closets and egress windows (one of the egress window is not quite to code size so it's not legally a bedroom) and a full bath (needs major work though - never finished).