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The renovation cost and quality of the finish would differ if I was planning on selling compared to renting so the figures stacking up would not be consistent to comment on. I would still make a profit however that would be from purchasing well below market value as the properties needed a lot...

I focus on buying neglected properties so the reno after purchase is to prepare it for rent and also increase the rental amount above what it was achieving before. Plus to increase the value of the property for reval and access of equity for the next purchase.