owner has not rented it out this semester due to do some rehab, actually did most of the bathrooms and they are in good shape, carpet is awful, needs paint, kitchen cabinets and better lighting. lower level apt needs gutted due to toilet leaking from above. here are the numbers:purchase price 330krents last semester avg=333/month, did not rent over summer, "I let them just leave their stuff til the next semester", my friend was seeing RED after this statement...expensesrents (if occupied at 333)=3663/monthtaxes 2200garbage =100 (actual quote from WM)water and sewage 525electrical=passed through to tenantPM=started looking, but quotes at 8-10%insurance= 300 (est.)planning on ripping carpet out and going with vinyl hardwood throughout, new cabinets in kitchen and paint, fix lighting and general clean up. plan to get rents up to 500-550 month, lease term 1 year. interviewed PM and he said they take one month's rent for placing a tenant, is this typical?

Its been a few years since your original post, but I'm wondering how'd it pan out for you, and if you'd have any advice for someone green to new construction? 

But I did a walk through of the property, checked all the sinks and toilets, didn't see anything out of the ordinary, and I was going to have a plumber come and take a more careful look.I owned several triplexes and duplexes in the NYC area, and water bills for duplexes increased from $280.00/ 3-months 10 years ago, to $580/ 3-month on the last bills, and I thought of major leaks.

Imagine coming off a 12-14 hr night shift in the ICU and your tenant emails/texts complaining about a broken toilet paper holder...or how they locked themselves out of the house.I think the two greatest skillsets I could have benefitted from but never got around to are sales, and software/coding.

My husband and I bought our first duplex a few months ago and although it needed some work (new toilets, bathtub resurface, new receptacles, ceiling fans, etc) we definitely weren’t gonna buy stainless steal appliances.

I have heard of people talking to divorce, probate, and SEC attorneys to find good motivated seller, but where can I find those people and do these leads actually pan out?

Looks like a cool product to get a toilet installed.

The inside of the home is very dated (wooden toilet seats, early 90’s cabinets, etc) and was built is in 93’. 2 beds, 1 bath. 1,194 sqft.

Your free house plus the substantial construction costs needed, might not pan out. 

That is why people swear by storage units, no toilets, minimal renovation if at all.