It was a high value house so it was OK but I sure don't want to run into that again!    

Many investors in that situation look for value-add opportunities.

Bank How did you add value to the deal?

I think we'll just be more patient and find a value add property.

The small lot and setback requirements mean that it would have little to no value as a tear down.  

@Brent BoltzBrent, it is great that it changed how you look at and value you hard earned $$$. 

Reality is owners do NOT value/track their own time, but handymen and contractors start charging the moment they leave their home or office.

One thing I didn't see mentioned was what the value of the place is?

that we’ve learned in our 24 years, managing almost 700 doors across the Metro Detroit area, including almost 100 S8 leases:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

Is not a licensed appraisal specialists and therefore is not permitted to provide an opinion of value . ( keep wholesaler from telling seller their 500k prop is only worth 300k).4. the disclosure goes on and on about how to terminate it who to file complaints with etc etc. complaints go to the DRE.