my wife and I have just decided to keep our powder dry until we see a deal we like here in DFW. 

I've toyed with the idea of Ogden Valley and Powder Mountain since the goal of the new ownership there is to build a village and turn it into a Park City style area, but it's already priced like it's Park City.Even the mediocre western ski destinations have exorbitant real estate pricing. 

@Bryan Vincent maybe try the outskirts of Cobb like Powder Springs, Mableton, Kennesaw etc..I would definitely house hack FHA 3% down with down payment assistance if you can qualify.

I went out and bought all sorts of powders for Fleas, went underneath the unit, sprayed all the yard, did anything in my control.

: Roof (Shingles and wood replacement as there seems to be a leak)= 5000 Paint (entire home) =4000Hardwood (first floor)=2500Carpet (stairs/second floor)=2500Windows=40002 sliding doors/8 standard doors=3000 Kitchen remodeling/appliances=3000 Powder room remodeling= 1000Main Bath room remodeling = 2000Junk removal and cleaning (owner may not remove his stuff given short sale) = 2000Potential mold remediation (roof leaked and perhaps mold exist) = 2000Ceiling repair in the family room (there was leak in the ceiling from first floor bathroom) = 1000Miscellaneous = 2000Monthly Rent = 1500-1600Monthly Expense = 1400 (PITI, HOA, property management, vacancy = 5%, repair = 5%, capex = 12.5%)Monthly cash flow= 100-200  I am wary of the following facts, so any comment on any of the following will be appreciated:The estimate on rehab cost may be completely off Why no investors put an offer on this for 3-4 months where finding 1% rule properties are really toughWhat would be a good offer price where I feel embarrassed on my offer as well as don't offend the agents/seller/lenderI am leaning for an offer of 120000 (or may be lower ?)

@Mike Sattem  In my Timber days I bought a few units in the hills there and I had the huge 50k ranch out of north powder in contract.. but the export slid and we could not close. 

I hope there are not powder post beetles under there either.I think your numbers look good, I don't see super stellar numbers for Mount Vernon so much these days, but it is possible.

Also, my wife instantly found a dream job in her field within a month (something that proved almost impossible in Denver's highly competitive market).......I do miss those powder days, though.

If you want this money as dry powder to pull down a cash deal quickly, I'd just keep it in a money market account.

3) plan on getting a heloc for dry powder, as you pay no interest unless you start using it.