Get quick cash for the casino"....HAHAHAHAH CLASSIC!!

@Mike Makkar  I crack up at your comment that Texas building costs are so high.. our costs are well over double what you guys pay you have some of the cheapest in the country.. you can build pretty cheap in metro Atlanta as well.land in the path of progress makes more millionaires than any buy and hold scenario unless you have A lot of buy and hold capacity..I bought a 4 acre piece in CA. in 1994 for 28k  NON buildable but bordered city.. it just finally got brought in.. and across the street the largest Indian gaming casino in the state was built over 300 million project.. we are about to get upzoned to flex resi commercial and I think my value at that time is about 3 million...

It has a college, decent pricing and I have some inside info through a family I know out there (10 kids grew up there :) ).Bear in mind you have Casinos coming into Everett and Springfield.  

The parimutuel horse track and casino, Hoosier Downs owned and operated by Churchill Downs, is a significant attraction to local patrons given the local mall is basically non-existent.

We currently have the 2nd highest foreclosure rate in the nation and uncertainty with changes in the casino market.  

Even if you are planning to manage it yourself, account for the cost of management when analyzing the deal. 1) Your wife's time is valuable, so consider this as money being paid to her for her time rather than a "savings" of not having to hire a 3rd party. 2) You might decide that you're not good at property management and need to hire one. 3) Your situation might change (birth of a child, divorce, disability, moving for work, etc.) and you won't have time, ability, or proximity to manage the property well if at all. 4) You might get to your passive income goal 20 properties down the line and decide you want to go sit on a beach and drink Mai Tais, but when you go to do it, suddenly a big chunk of your cash flow goes away because you never factored it in from the beginning. 

Thanks again Chris Mason for taking the time, that is extremely helpful knowledge for this new investor.Al Casino , also a very valid point.

The local govt has a history of corruption & overspending.Last time I was down the Hilton Coronado had shut down its casino.

Hi @Marie-therese Tai - I'd recommend using https://www.rentometer.com/ to ballpark what the market rent in your area is.I'd also take a look at Craiglists and see what studios with similar square footage are.

Purchase price: $482,000,000 Cash invested: $26,000,000 The Las Vegas property is a Hotel and Casino, Chicago is a 814 unit profile.