That was a Hialrious coupled with a Red Carpet Welcome.

It might take a bit of elbow grease and time to get it shipshape but the "investor" told me it looked pretty clean, all carpet and tile looked solid.

So, after replacing some carpet, painting the whole place, and some other minor improvents, here's where I'm at.Expenses $9600 (including everything but mortgage)Income $17300Expenses=55% of gross rentsDuplex 2I've owned for 8 years, and it was 3 years old at the time of purchase and needed nothing but a little touch up painting at the time.Expenses $31200 (including everything but mortgage)Income $104200Expenses=30% of gross rentsTotal expenses between the two = 34% I do expect this number to go up a as the property that is now 11 years old starts to need more repairs.

House is in very good condition with only expenses are appliances, replacing the carpet in 2 bedrooms to hardwood floors and transfer taxes (no back taxes even)...As said, as a first time home buyer not sure this is the right approach (to buy without CO and related consequncies) and looking for advise here from the investor community.

The house will need all new paint and carpets to make rent ready.

Carpet, paint, plumbing, electrical as long as I can truely account for all the receipts?

I have his permission to put in new carpet now.

Are you just going to carpet and paint or are you gutting the whole thing?

When I call the naysayers to the carpet, and ask for details of why NRU is lacking.

Hard to imagine a house that doesn't need at least paint and carpet and maybe new appliances.