Now it boasts one of the highest teen pregnancy rates in the state and a huge portion of the population lives at or below the poverty line (not going to quote stats here--look them up).

Many companies do charge commissions in the teens, but will nickel and dime owners so that the effective commission finally adds up to 30%-40% for all services.

So even though the nominal rates were mid teens for OO loans the real rates weren't that much higher than now.

If you can get a yield in the teen's (10% plus) you are out running the market and doing pretty good.

From what I have read, hard money lenders are the most costly source of financing, and they are generally in the upper teens for annual interest rates.

Also start sizing up people to build a teen in the future.

:)  I definitely understand what you're saying Bill, but from a financial planning stand point a HML can have quite a few advantages:Limits Risk- deals go bad all the time "guru" or not so why lose 100% of the funds you put into a house when you could just lose 20% and the payments you made to date.Opportunity Cost- I manage accounts that average returns in the high teens or low twentites.

Also keep in mind that not every student is a single person in their late teens/early 20s - a significant number of people(especially grad school) - attend school later in life.I would try to market the house as-is and if you don't get much interest consider adding the bathroom. 

These guys became multimillionaires after the banking fiasco in the late 80's.The market in my city was in the trash and prime was in the teens.

But is there anyone willing to share their experience if they started with my similar conditions: Already with a family, with teen age kids about to go to college in a couple years (Very Scary) It will really help.