Is that just the mortgage or are you counting in insurance and taxes?

So there's acquisition, rehab/repair, carry, insurance (vacant/contractor insurance, yes there's two types), and any other expenses (closing, etc).

Here it would be 25% down ($275k)A balance of $825k at 7% (or higher) $5,490/mo, figure $250/mo insurance, $500/mo property taxes $6,250/mo. 

You could explore renting out the garage as storage for someone, but then you need to look into insurance, liability, etc.

Have you ever had a year where your insurance or proper tax’s went down?

I wouldn't get my hopes up as he really has no obligation to, but if he sees a $5K item he can offer and forcing the legal aspect would cost $5K as well, he just might go with path of least resistance...The other aspect is you should 100% figure out exactly what the cost for you to take care of your items would be.

Financing provided through this program is only available for properties located in Michigan or Florida.Available Product Type: SOFR 7/6 ARM, SOFR 10/6 ARMLoan Amount: $766,550 MaximumLTV: Purchase and No Cash Out Refinance - Maximum 99%Prepayment Penalty: NoneLoan Assumption: NoneEligible Properties: 1-unit dwellings, attached and detached condominiums, PUDsEscrow: An escrow account must be established for property taxes, and flood insurance, if requiredUnderwritingNo Private Mortgage InsuranceOccupancy – Primary residencesMinimum Credit Score - 700DTI – Max 43% (UW/Mgmt exceptions up to 50% with minimum 3 documented compensating factors)Student Loans – If in deferment, no qualifying payment requiredDown payment of 1% must be borrower’s own funds, while closing costs and prepaids may be gift fundsAttached condominiums require a 10% down paymentEligible Borrowers – Protect and serve heroes are defined as employees of public or private education institutions, employees of medical and healthcare organizations, all first responders, and active or former military personnel.Servicing: Retained

Well if Proper won't insure it, many others won't as well.

Probably go with just an umbrella insurance policy.

Just wondering how you feel about the unique challenges NOLA has relative to economy & climate change (insurance), population decline.