Repairing to sell might recoup some costs, but given the market and your limited funds, selling “as-is” is likely the best option to minimize further losses.

The property is livable, but I am account for a pretty significant turn in 4 - 7 years of paint, flooring, and any miscellaneous repairs that the inspector could have missed since it was occupied.

They claim the repairs were done and that the properties were worth more at the time of purchase but that the area has deteriorated since then.Any help on this subject would be greatly appreciated!

Hello @Yvonne Wang,The scope of work should include the following:- Basic info: Property address, client name, contractor's contact info, address, license#'s, signed general/operating agreement b/w contractor and client- Specification of repairs: Repair item, Quantity of items needed, total & per unit cost of items, taxes (if applicable), Completion hours, title of the person responsible for the repair item, written summary describing the work- Add'l info: Schedule of repairs, additional payment schedule details i.e. disbursement schedule, method of disbursement, deposits, holdback amounts, etc.The screenshot below highlights a couple of repair items.

-------------------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

those 3000 jobs would get coffee and need dry cleaners and cars repaired etc. 

Analyze potential deals by estimating the After Repair Value (ARV), repair costs, and total expenses. 

Our current manager is in Huntsville and it is becoming clear that we need someone more local to Cullman who can be on top of showing our listings and taking charge of maintenance and repairs as needs arise. 

You'll need to cover inspections and repairs.

I've had a lot of large repairs in the past year that just kill the cash flow.