- it's a 3 bd, 1 bath - 1,058 sqft on a 8000 Sq ft lot - rentals in the area are commanding about $600- 700 per month.From what I have been able to ascertain from the seller - the city is requiring the property to be raised.  

A word about using FMRs as an indication of rents for your area, they are designed to give you the 40%ile of rents+out of pocket utilities for a family in an area, so if you're attracting a top 1/3rd or even middle 1/3rd tenant, they may be skewed lower than what you could actually command.

Hi Steve,You may want to read at least the 1st commandment in Frank Gallinelli's book the 10 commandments of real estate.

In my opinion, if you can find an area like the panhandle of FL or Orlando that you know can command decent rents, it can be worth it depending on your goals.

Our market is "affordable housing" so we would not do upgrades for the purpose of commanding higher rents.

Because the town is centered in an affluent area, it commands high rents and holds value. 

It's all about the "command- shift-4" action on my keyboard.  

There is no real shortcut, zillow has renometer which can give you a rough idea but homes in different conditions will command different rents and many towns have neighborhoods that can be dramatically different from one area to another.

Since then, still not learning a significant command of the English language, not reading a single RE book or attending a seminar, not understanding the math of it, they have purchases several more B&H properties in the tri-state and the Caribbean area, all through word of mouth from family/friends about what a good deal is.

For a multi it also has to command rents that cover that rehabWhether you think you are going to do it or not I urge you to take a look-it is in your town after all.