I let a property slip through my fingers.

[Michael Galesky]

Ok so I took to long to "feel good" about a deal when I should have just acted.  A property that I located on Craigslist.org 4 unit rent 2/1 each $625 per with 50% occupancy and a repair cost of about $15k at the low price of $75k.  My calculations put me at $300/door cashflow but it is in a rough area.  I finally called about the property and I found out it just got snapped up by another investor.  I'm on the list for a callback if the deal falls though but I'm not holding out hope.  I have readjusted my thinking and will act on a property with these numbers next time around. Oh and the rate of return calculated at about 13% unless I financed it and then it went to "holly crap" level.  

Mike