The unfortunate thing is, far too many unqualified and unknowledgeable people keep perpetuating this crap here and elsewhere on the internet. 

I heard that same crap back in 08 "rents will never go down" boy did they as people were scrambling to fill vacancies.

For example if your right units AC craps out this summer that means that you just ate up your whole 10% CapX and repair budget for the first 2(!)

Hopefully one will turn you something that closer resembles a real deal rather than the crap that is being peddled now by nearly all wholesalers in Houston. 

But, what about changing all the outlet and switch covers so they don't look like crap compared to the freshly painted walls?

Fannie Mae rates are always a little higher than FHA, but for good FICO scenarios the PMI will be a crap ton less.Commercial: http://fanniemae2.articulate-online.com/p/50703331...

@Jason Dillard   I agree with your premise in non appreciating  markets were its a given that appreciation is not going to happen at any appreciable rate .... in those markets your NUTS to buy anything that can't cash flow significantly and or you have bought it under market ( IE retail value) And it really depends on your ability to scale and run an operation.. you need a crap load of doors bringing in 200 a month to make any serious money  like a 100 or more.

- assume the city will make you pay for/pull permits- add another 10k for "oh crap, i didn't expect that expense".

. #1 is almost never the case because all self employed people think they make a crap ton more than what their tax returns say, so it's either a one or two year tax return average, no exceptions.

You listed it for $180K, got all kinds of crazy over asking price offers even though there is apparently crap all over the place, and they are still agreeing to pay $197K for the house.