Did you check the electric panel to see if it's a Federal Pacific?  

I put in an offer Sunday night and if things pan out as I hope, I would actually be saving $300/ month in living expenses.

We do plan to follow the seasons with our travel so we'll most likely be in the Pacific Northwest or mountain states in the summer and likely in the desert states, California or Florida in the winter months and other states inbetween the spring and fall seasons. 

Hi everyone,My name is Yishi Pan and I live in Ottawa, Ontario.

Some situations may not pan out but those I have looked at have all proved advantageous.  

But as a general caution on any rental properties, there is a lot that goes into whether or not the projected cap rate will actually pan out or not.

At the vary lest you should pan on having some cash reserves if something major comes up.While at that price you may be in neighborhoods that have the potential to appreciate, I bet your actual cash flow is less that the $450 a month you project.

In your opinion do you think it would better to wait until a cash flow property that pans out shows up?

@Ori Skloot keep us posted on how this pans out.

The homeowners literally abandoned the home and left so many things from the couch, pots & pans, canned foods, clothing, and a litterbox full of poop.