Today an opportunity came up that was very unexpected.

If you don't have atleast an additional $10K saved up you may end up in a tight spot financially if you have an unexpected repair. 

50k or thereabouts 50K Repair escrow Yes, if rehab is included we can hold back for that A mandatory component of the loan (unless you want to borrow 70% minus repairs).

On top of your down payment, you will have lender fee's and title/escrow fee's and then of course you should always have reserves for unexpected expenses and vacancies.

It’s also in a city I know very little about (Norfolk, VA) here are the numbers- I welcome your thoughts/ insights:$259k - sales Price (4- unit building fully occupied)$1460- total mortgage payment (after 25%) down $305- Property Management Feee (10%)$105- trash (total water is $315 p/m but seller bills water to tenants and has it written in the lease)$60 - lawn careTotal rents are $3050Owner says monthly expenses are low.The best case scenario is net income of $737 assuming $400 extra monthly expenses (for worse case scenario unexpected expenses which always come up) and assuming all the tenants pay their rent.Positives- - Seems to be a good cash flow if expenses are kept low and everybody pays- 4-plex is located in an 85% residential area- building is ok condition (built in late 70’s) except roof is 18 yrs old- all tenants are gainfully employedConcerns- while the neighborhood visually looked fine, according to crimemapping.com its a moderately high crime area.

It looks like she's already paying more than the ARV, so I would suggest trying get a bit lower on the asking price and budget at least $10,000 reserves up front for unexpected surprises. 

-if there was an unexpected expense (such as a car repair or family emergency) that the service member didn't have the cash or credit to pay for, we would arrange for a certain military charity to offer a no-interest loan (or sometimes grant) to get him by for a couple months.  

As long as your savings continues to build, preparing for the next purchase and keeping you ready for any unexpected repairs.

The last rehab I did, I budgeted 14k (and I've been doing this for a while), but some unexpected things came up, causing our cost to fly past 20 (I'll calculate the damages next April, it's making money now). 

Also, confirm who handles the HOA-related items, it's not uncommon for PM's to not provide this service and it falling back unexpectedly on the owners.