The depreciation wasn't much at $18,750 (land at $6250) for 20 yrs and original purchase at 25k.It is the capital gains that is killer w/a sale price of 250k+ value of the divided lot.

He lives out of state, has owned the property for about 20 yrs and doesnt want to deal with it anymore, so there is plenty of motivation...The father who showed me the property did some cleaning and some painting because the previous tenant left the place a mess but there is still work that needs to be done.

But one thing to point out... you do have hoa dues on condos and you may or may not have a special assessment every 5-10 yrs.

I want to get to this in 10-15 yrs.

$50,000 investment + $10,000 for use of the money over 8 yrs 4 months.

I moved 2 yrs ago to LV and I love it here.

Some of my tenants have been in place over 10 yrs.

Again, since yours is only 2 yrs old you probably won't have any issues unless they ding you on insulation which could get costly.

BTW, in my calculation, my debt service is around $525, (25% down pay, 30 yrs conventional loan, 4.375%).

I have finally done that after 20+ yrs but where would we be if every trucking company decided to get out of the business?