Here are the details
Built in the 1950s, bungalow style home, pier and beam. 2/1 main house, 1100 sq/ft with a 2 garage/apartment in the back, 700 sq/ft, 17,500 sq/ft lot. 3 car carport in front of garage. Both structures have their separate utility meters.
The main house was leveled in 2003 so that will need to be taken care of; 4.5k. 1.5k for drywall repairs after the house is leveled. Majority of the house has wood flooring that looks great, just needs refinish; 1.5k. The kitchen needs new flooring. Both structures need exterior paint; 5.5k, only main house needs interior paint; 1.2k. The roofing should looks like it will last a few more years; 8k. Appliances for both units; 2.5k
I placed a bid last Wednesday and the buyer accepted another offer. Got a call from my real estate agent this morning saying that the buyer backed out of the deal. Buyer hadn't even gotten the house inspected, never even saw the house.
I used the 4 square method to estimate a monthly expense of 1150 a month. Accounting 1800 income per month from both units, 1100 from main house, 700 from garage apartment. It may be possible to get more for main house.
I'll be putting 6,750 down and financing 156,500, 128,250 for mortgage and 28,250 for repairs.
