What's Wrong With This Cash Flow Property?

[Larry Cheshier]

Is the reason no one is interested in this rental because of price or area? I mean, I'm just curious. It's got to be the area cause the numbers I run look pretty good.  But then again, I've driven for dollars in the neighborhood and I personally would live there.  Is the schools crappy?  I don't know.  I mean, I'm not stupid.  I used to be a Realtor so I know how to run numbers and look at areas but I just don't get this one.  Hell, If I had the cash, I'd do the deal. But that's why I'm wholesaling--to build that cash reserve up.

Anyway....I'm asking $23K.  Even would finance $12k down and 15k in 18 months.  Rent is at $550 per month from a long term tenant. It should be $600-$650. Even as much as half of the total gross yearly rent for all expenses still gives you a 14.34% cap which is excellent. I don't understand. 

Anyone care to help me see the light? :)  Thanks in advance.