That means purchase price should be closer to $38750 with 9k in repairs accounted for already plus 1k buffer for contingency.Exit Strategy #5 - You may be able to some sort of cooperative Lease Option where you sign a lease with option then assign your interests to a handyman Tenant Buyer for an assignment fee to make a quick $2k - 3k and your out of the deal.There's no way I would stay in the middle of a deal like this with such a small profit up front, small cashflow and virtually no back end payout.Also, principal paydown wouldn't even come into play unless your holding the property as a long term rental.Again, I'm no expert, still learning the ropes myself, but the margins seem slim to me.Just my honest opinion.Jeff V

Other areas that sell homes for 80k offer better options and yes pickings are slim here  but there are deals out there.

Flips are certainly selling quickly, but the mighty slim pickings and price point shuts out a lot of local investors.  

If they would have released all of the default homes on the market there would be slim to no new home communities.In today's current market we are pretty balanced.

Real slim chance of me ever getting a mortgage in the next 7 years.

Its a bit of slim pickings out there but there are still deals to be had.

It will probably be a good buy and hold in the long term, because the area is appreciating nicely, but it may be a slim cashflow, unless you buy a awesome deal.My two cents, I dont own anything there, I just like the area a lot. 

There is always the chance that you can find a deal on loopnet, but I would count those chances as very slim, especially if you are in a competitive market.My best advice for you is:1.

@Eric Pink, though the pickings are slim, there are some properties that occasionally pop up. 

Only real value is that I'll reach out to him when I have slim deals.