I thought that as well but I believe there may be room to charge market rents in the near future as well as adding some additional income via coin operated washing machines. 

We purchased brand new Speed Queen commercial coin operated washer and dryers and have had nothing but problems in that they like to give free wash loads to our tenants.  

Whatever, if any, is not paid off it is washed away.If you want, I can do some addition research for you through my title company and help you with the purchase.  

Then do what I have told my son to do exactly what the shampoo bottle said Wash, Rinse, Repeat.

Or is it pretty much a wash?  

I figured if the cost of prop tax, interest, insurance, and basic maintenance is equal to or less than what I’d pay in rent, then even I don’t collect any rent for a while, it’ll still be a wash financially.

Don't be afraid to bring in a basement foundation repair company and get a quote to get the issues identified and fixed. 20% of 110k =  22k Down110k - 22k =     88k  Financed88k @ 4% for 30 years ===  Monthly Payment of $420  (principle and interest)Other Numbers you'll need:Property Taxes  (get on the county website)Insurance (just call an agent or ask owner)Repairs    ( Really depends on condition of property, 10-15%)Utilities    (get as many months of bills as possible)Property Mgt (even if you plan on doing this yourself)vacancy     (depends on market and property, 10%)LawnCap Ex    (depends on property but sounds high on this building) 15%These are VERY VERY rough numbers but lets look anyway...Gross Rent- 22,500 (assuming all 3 are rented at 625 and no washing machine income)ExpensesP&I-          5,040Taxes-      2,200 ( I figured 2% of home value)Ins-           800    Repairs     2250     Water       1800    (150/mth)          Look into heat billVacancy   1125Prop Mgt  2250Lawn         300Cap Ex      3375Total        19,140  22500-19140=  3,360   Cash Flow YearlyInvestment of 22,000 /  3,360 = 15.2% ReturnPlus tax advantages, paying a little down on mortgage, possibly appreciation, learn a lot.Location, Basement, Local Market, Comparable properties, and firming up numbers ALL need to be looked into.Let me know what you think! 

If it has black stains , some moss etc , call a roof cleaning company , not a power wash company .

Together (for both houses), the total rehabbing would be 23,000. this includes roofing, painting, pressure washing, electrical, floors, bathroom re-vamps, landscaping, ceiling work, doors, fixtures. the 9!

I'm already acquiring 2 other duplexes so I'm about washed out on cash.