Being conservative is probably key seeing as you're not here and there are so many unknowns to deal with (you're probably not going to want to do anything opportunistic where you meed value add straight away unless you have a strong personal connection to a contractor here - we can probably help there, but obviously that's your call).

I, like the majority of the folks here on BP, was introduced to and became infatuated with REI after reading Rich Dad, Poor Dad by Robert Kiyosaki over 10 years ago and unfortunately allowed fear of the unknown to paralyze me from pulling the trigger.

There are simply too many unknowns about the condition of the property and what it would cost to bring it up to market standards for me to do any better.  

I always love hearing creative strategies that are relatively unknown :)

The rehab based on my estimate is $120K and I am adding $80K for the unknowns.

Sometimes we agree to a cap on costs that are yet unknown (like code compliance liens). 

With 5 properties, you might have hidden or unknown equity.

There is not the unknown of the water not turning on, the pipes bursting, the outside not being cared etc.

I think the owner died a while ago and her daughter has the property now.Before repair value - unknown, home is uninhabitable right now and might be moldy inside.After repair value - 950,000After repair rental income 3500/monthRepair costs- I'm thinking at least 150KI want to gain control of the home with little or no money down, catch up the taxes, fix it up with investor money and then either buy and hold or sell by assigning the contract.  

." ~ Unknown