If solid comps are showing 120k, you should be good, "if" you have solid rehab numbers.When I run numbers for a flip, I take the worst case scenario on everything, then if I still have 20k profit(after commissions, holding costs, insurance, closing assistance) I will proceed. 

Worst house in neighborhood.

In the worst case, if everything done is unpermitted, they may demand you rip every thing out and start over.

What sort of contingencies should I include in my offer to the seller if I decide to go forward?

But without a value-add strategy you're simply not going to cash flow with that sort of strategy.

I didn’t acquire my portfolio by being some sort of an investment genius, rather, I just used profits from my business to buy whenever I had an opportunity.

The worst mistake of my life.  

Everything looking too "formal" doesn't really build any sort of a personable interaction with the mail.

Lenders will use this form to do the math from your tax returns:  https://content.enactmi.com/documents/calculators/Form1038.C...In most cases rental property when the LO knows what they are doing will at worst break even.

The sort of situation where you think you're buying in a B neighborhood but it's more like a C/D.My simple advice would be to find a property in Saint Louis County school districts that have access to areas of the city where the most jobs are located.