It needed major remodeling, the roof was collapsed over the family room, the plumbing was a wreck, horribly outdated, but it was in the most desired neighborhood on my list.

@Aditya Namjoshi "check yourself before you wreck yourself"The only good thing I see there is that your total purchase price means you won't lose "too much" money when it all goes to ****. 

Went well, but the broker told me the house is a wreck.

One car wreck or other accident could bankrupt you.

In my case, I focused on Dave's advice regarding insurance and estate planning-- in part because I've lost far too many friends to cancer, war, and car wrecks who left people behind who loved and depended on them behind.  

I also know the history of residential construction in my area -- when this city built its best properties, why some properties here were built to last a hundred and fifty years while others should have fallen to the wrecking ball decades ago.This is my niche.

Based on my opinion- have been up and down most, but Jacksonville is very funny with some of these...Some streets are great, and then you go over a block and it is a wreck...I tell people it is hard to invest without driving the area and really getting a feel.

I'd like to keep these long term tenants because I know how are they are to come by, it is worth noting the house is an absolute wreck with food and material items everywhere.The backyard is accessible by an alley way, and plan is to build fence dividing the 8400 sqft lot into two lots and putting an Airstream on empty lot to double the cash flow.

Tenant has been there for 15 years - the unit is probably beyond wrecked after that much smoking.

I'm betting dollars to donuts this didn't happen overnight and your PM had opportunities to stop this train wreck.