@Mitch Messer
Thank you for the reply. I see your point on #1. That is a factor that I have failed to consider until now. As far as the value, I should have updated those in the report. I think its actually worth 130-135K but he has it listed at $149k. The 125k is the price I would HAVE to pay in order to be able cover 25% down plus closing costs without hard money.
As for point #2-I have county assessment tax data in place plus an overestimate on insurance. However, current tenants are paying a total of 1600 (just found out yesterday) but they have been in place for about 4 and 3 years respectively so that cuts into my bottom line initially. However, the vacancy rate in my area is 8.92% (don't know how reliable that info can truly be), but a 2 bed/1 bath in my area with a garage space would easily rent for that price.
My question for you is, if it's currently occupied, you would still factor in repair costs to be performed right off the bat? I guess it makes sense just in case something comes up, but I guess I was thinking any problems found during inspection could be addressed in the negotiations.
