$175/month isn't crazy at all.That is how you evaluate the notion of fixing the current place up.The opportunity cost of taking that $10k and fixing the current place up, is that you can't use it for a down payment on the new place.

@Clayton Swansen I don't buy into the notion that you absolutely have to buy a house that would also make for a cash flowing rental.

I take after my Uncle who was a diamond cutter & entrepreneur, and my hazy notion as a child was that he was rich, simply because he lived in Laguna Beach, CA.

Hopefully they have another deal in the pipeline to pay their bills again next month..This notion that all agents are out there crushing it and screwing people out of profit or equity return has got to stop.

As soon as you cultivate this notion and put your efforts into the right place, the insights are life changing.

I agree with the notion that you would probably be better served to up the price point a bit.

Do what you want but I wouldn't necessarily dismiss the notion of eviction.

I'm not suggesting I can purchase it for 50K, I was just floating the notion starting with that figure and going up from there if that would be crazy.

The term stems from the notion of 'all you have to do is turn the key in the door and there you go'. 

I have heard this notion of flipping a house with no money down.