I have worked some comps and it appears it could rent for $1200-1300 comfortably, but my main concern is that it has a $267 HOA attached to it that would eat directly from my profit.

Fun new restaurants opening or the same old run down Chinese food store on the corner that you wouldn't eat from if your life depended on it?

May I suggest the following:I am also a general contractor, and if I under estimate the job, i eat it to protect my reputation, but never by 25%, yikes, he probably did not get estimates from his subs.

(You can even eat dinner there through the meeting) I don't go any more as my market is south of there.

Points to a HML will eat into that in a hurry.

I don't think it would be a bad idea to rent it, but I wouldn't expect to make a lot of cash flow, because the maintenance and management costs would eat up a lot!

Closing costs and agent fees will eat up that profit

However, after this last incident I would rather eat the vacancy costs than continue to deal with him.

Yep - when idiots say they love REI I just laugh - it's a means to an end, but you have to eat a lot of crap to make it.

I just spent Christmas in NW D.C. with a great family, wonderful friends, delish eats & plenty of good entertainment.