The rehab cost may be more, but like I said I'm trying to be ultra conservative with everything.

With foreclosures, you don't get that luxury. $150k is a lot of money for a rehab and you really need to know what you're doing.

I believe it used to be a mansion but was later made into a triplex! 

I did one that was 9500 sq ft it was a true mansion.. but it was sheetrocked.. it still cost over 1million finishing the inside.and landscaping it. 

  @ Dave Foster I couldn't agree more that your answer is a great reminder that wee don't always have the luxury of time that we think we might and what the priorities really should be. 

Arlen - I'm told that it is pretty "hands off" as rental properties go, and I believe that for a couple reasons - very good reliable and clean tenants, and it's classified as a "luxury condo" for what that's worth. 

If the gap is within 30 days i'm ultra aggressive with discounts to fill it. 

She even got the house in their Luxury Homes magazine. 

Otherwise there are a lot of pseudo 'luxury' complex going up in the area directly aimed at college students.

It is in an area that I believe is improving and has some future development (large luxury apartment complexes set to develop in the area).