I imagine with the oil companies doing some layoffs, you'll see a fair number of deals out there currently.

One tenant will smoke inside, sneak in 5 pets and change their Harley oil in your living room and you'll be out thousands.  

Iain S.  have

See Uniform Capitalization Rules earlier.The costs you can choose to deduct or to capitalize include the following.Carrying charges, such as interest and taxes, that you pay to own property, except carrying charges that must be capitalized under the uniform capitalization rules;Research and experimentation costs;Intangible drilling and development costs for oil, gas, and geothermal wells;Exploration costs for new mineral deposits;Mining development costs for a new mineral deposit;Costs of establishing, maintaining, or increasing the circulation of a newspaper or other periodical; andCosts of removing architectural and transportation barriers to people with disabilities and the elderly.

For example, a lot of banks in Texas and Oklahoma went under in the 1980s when there was a sudden drop in oil prices and the oil field producers could not repay their loans.

That area has been removed but you can still see some oil stains on the floor .

Remove the metal awning, make a lattice enclosure for the trash can  if there is nowhere to put it already  and please make a proper oil tank enclosure (if I am guessing that is what is on the side of the house) in white to match the house.

I want to live in one unit and rent two other.Asking - 249000All three units are rented.Monthly - 2200 ( for Two units, since I am going to live in the third unit)Taxes: $7,663> Insurance: $3,495> Oil: $2,600> Management fee at 6.5%: $2340> Sewer and Garbage: $1100> Lawn and Snow: $900> Water: $840> Cleaning: $400> Electric: $240> Rent License: $115> Vacancy: 2640> Total: $ 22333.00> Net Income is therefore 26400 - $22333 = $4067Am i missing anything?

The kitchen needs a rehab.It's an oil furnace which would have to be converted because I can only imagine the heating bills would be insane to heat the place.A local realtor thinks 250 max for the property, but the seller wants 400.

Obviously everyone is going to be partial to their city, I don't think anyone can deny that since most of the Houston oil people are working abroad that this is probably one of the hottest real estate markets currently.