Conceptually you want to take an approach that minimizes your need to be on site - and for that reason I would advise against BRRRR.

Instead, investing should be a means to taking care of our needs and improving our life style.

@James TobinJames, congratulations on deciding to take the first step into real estate investing!

My guess solely looking at your numbers is that it's an older/distressed property which means you have to account for more costs in capex. 2nd thought being it's not in the best of neighborhood then you'd have to take into consideration lower quality tenants/ neighbors and maybe increase expected vacancy and late payments.

Did you figure in the additional cost of no rent for one of the tenants and how long it will take to evict them?

I’d like to be protected if it takes longer than 60 days to sell a spec.

The farthest I’ve gone is about 20 miles away from my house which takes me about 30 minutes to get to.

We locked the property up for $240k knowing full well that we were in for a lengthy eviction process.Massachusetts is one of the most tenant-friendly states, meaning that evictions take time—sometimes a lot of time.

Work with agents, check out Google and take a visit.

However if you have enough reserves, 6mo or greater then I'd say chance it but a couple of missed payments from the tenants and you have to foot the payments out of your own pocket.I'm all for taking risks but I think you really need to evaluate the age of the major systems so you don't get hit with a bunch of cap ex all at once as well as your reserves.