So, here’s how to analyze the overall condition of a building by inspecting the least number of units.These include:The Down Unit – The one that is stripped to its bare bones.The Occupied UnitRecently Vacated Unit – One that requires rehabRecently “Turned” UnitTIP: “Don’t read the complete Inspection Report, only read the summary!”

After months of research and lurking I feel like the time is right for me to get into my first deal, so please bare with me.  

Hello everyone, first time posting, so bare with me!.

I am a little bit of a newb so please bare with me : ) I would just call around to the banks today but it's veterans day and the banks are closed.

No matter how many numbers I run, especially in the Cleveland market, I barely find any good cash flow I wonder if I'm calculating something wrong.

John - I would ask your local lenders to see if they are interested in lending on bare land.

Of course you can do bare minimum, but in my experience it all just compounds with a slightly lower quality tenant next round, whom is a little rougher on unit, and then the next turn costs even more.As for Capex, yes, increasing your costs does hurt returns.  

These figures vetted these numbers on the Bigger Pockets calculator as well and got a similar result, but wanted to share on the forum to get additional feedback on any additional line items/nuances particular to Chicago: Property is a duplex (each 3 bed, 1 bath) in Little Village and listed for $249,900Down payment (FHA Loan @ 3.5%): $8,800Closing Costs: $7,494Monthly Income: $1,200 per unit (so $2,400/month)Monthly Expenses: $2,370 (see below for details on expenses) Assuming 30yr mortgage at 3.8%, mortgage: $1,124/monthProperty taxes (2.1% for state of IL): $440/monthPMI (FHA Loan): $104/monthInsurance: $150/monthCapEx (5% of rents): $120/monthVacancy (5% of rents): $120/monthRepairs (8% of monthly rents): $192/monthMaintenance (5% of monthly rents): $120/monthBased on these numbers my conclusion is that this wouldn't be a good deal since cashflow is barely positive.

There are quite a few that look at the 1% rule as well to even think about a deal.When I search on AREIS I put the bare minimum So for this I would search "4153" and "Wes" If there are multiple properties that are similar you can find the one you are looking for.  

Turn over costs will likely run you $1,000+ every other year, based on your occupancy assumption, so your repair budget it barely covering that, assuming no other issues arise.