It only takes a few years of "The Double Play" to recover that loss. 

You need to double check underwriting, conservatively project disposition, and stress test the metrics.

For example, we do background checks but no proof of income/employment check.

You'll have a small empire by the time you are 30.However, being a landlord involves a lot more than just collecting checks.

Deduct NEW property taxes after you buyDeduct home insurance costsDeduct maintenance percentage, typically 10%Deduct vacancy+tenant nonperformance percentage(we recommend 5% for Class A, 10% Class B, 20% Class C, good luck with Class D)Deduct whatever dollar/percentage of cashflow you wantNow, what you have left over is the amount for debt service.Enter it into a mortgage calculator, with current interest rate for an investment property, to determine your maximum mortgage amount.Divide the mortgage amount by either 75% or 80%, depending on the required down payment percentage - this is your tentative price to offer.If the property needs repairs, you'll want to deduct 110%-120% of the estimated repairs from this amount.Be sure to also research the ARV and make sure it's 10-20% higher than your tentative purchase price.As long as the ARV checks out, this is the purchase price to offer.It is probably significantly below the asking price.

Chase is very Veteran friendly, giving us free personal premium plus services like free checks, free cashier's checks and fee-free high school checking accounts to the kids. 

Double or triple that suckage for anything less than C+/B-   If you wouldn’t be willing to walk there from a couple blocks away at 10PM, that’s a hard pass in any market. 

Please double check this and make sure that wasn’t the amount for the raw land prior to the build.

It’s a double wide and the land is not owned it’s rented.

I do not do residential REI even with a projection of double that.