Strategies going forward: - reduce the water usage to lower the utility bill, - increase rents on small units, - buy coin operated washer and dryer for additional income, - possibility of renovating the basement in to a little studio apartment and get a 4th tenant, - refi within 3-5 years and get rid of the monthly PMI.

Coin op laundry supposedly generates $250 a month.If I stopped there, this property doesn't meet the 2% rule, or even the 1% rule at that list price.Owner paid cash and does not have insurance.

On the other side of the coin during that period I was working for a publicly traded company.  

I never thought I could buy a couple median priced homes with my little box of gold coins.

@Curt Davis  I agree with your premise on running the numbers... if investors are buying in these markets that are well known for stable pricing IE not much if any real appreciation .." you should not expect it and it should only be a bonus "  we hear that time and again someone must have coined it and so these investor repeat it LOL... but if that's the case then building a ROI porforma and throwing in any kind of appreciation is not going to be accurate.. the only real appreciation that I have seen in the 7 markets I personally work in is on the wholesale side were you guys picked up houses for 20 to 25k before rehab.. now they are 25 to 35k.. and that generally has not translated to any benefit for the long term buy and holder.. they will always be competing against the very organized sales outfits like you guys.. so there is no way they can sell a home for more than what ever you or MI or any other turn key company is selling it for your all fishing out of the same barrel.what the turn key buyer wants to keep in mind is just like our thought process out here on the west coast were break even or even a little negative is just fine and dandy.. your tenant is paying your house off your real profit or gain is when your properties are paid for and someone else has paid for it.. to me any spendable cash flow on a rental is TOTAL gravy and over a long hold period you pump a lot of that back into the home as turnover and cap ex on rentals is far more than any proformas .So in my mind Turn key  for the WHY mid west has  that @Joel Owens is wondering about.1. simply the new starter property choice for those priced out of their own markets this is the number one driver.. 2.

Tickets to a temperance movement.Old coins worth more than their face value.Newspapers used as insulation with racist comics (Sambo caricatures).

If you can find a way to generate more income from the property i.e. increasing rents, adding a unit, converting to a rooming house, renting the garage and or parking, adding coin laundry etc...

That is a term coined by banks where if someone is going into foreclosure instead of going through all the legalities they are given a nominal fee $500 to sign over the title and hand over the keys.

And gaining the cooperation of an heir to acknowledge their beneficial interest, especially if small, can be daunting, like people who pass by coins on the sidewalk.

I think folks including attorney's think LLCs are the best thing since Rome minted a coin.