Instead of projecting 95% economic occupancy, change it to 90%...you get the idea. 

2) I am very conscious of an economic down turn.

And finally, the added debt service could be a real problem if the income is stressed in a period of economic weakness.

The safe harbor applies to amounts paid during the tax year to acquire or produce what the regs call a “unit of property” (UOP), you must meet these requirements: (1) at the beginning of the tax year, the taxpayer has written accounting procedures treating as an expense for non-tax purposes amounts paid for property costing less than a specified dollar amount (which will be 2500 for you), or with an economic useful life of 12 months or less;.(2) the taxpayer treats the amount paid for the property as an expense on its books and records in accordance with its accounting procedures. ( do this on your bookkeeping software or whatever you utilize)(3) the amount paid for the UOP doesn't exceed $2,500. as substantiated by invoice.Note: The cost for the Unit of Property includes additional costs (for example, delivery fees, installation services, or similar costs) if these additional costs are included on the same invoice with the tangible property.Eg:A purchases 100 printers at $500 each for a total cost of $500,000 as indicated by the invoice.

See how it fits in to your life, your goals, your circumstances, your market, the current economics, etc.

I believe the ARV will be around $375 - $380, so may not be able to get the entire $79k+ invested into the property back out immediately, but hopefully a decent chunk.I know the investor that purchased this out of foreclosure is making out on his flip, but I think the economics of the above are sound.

change the economic dynamics.

It would probably be the worst thing for the city for them to make the Super Bowl this year, as I think the economic impact would be less. 

We're still trying to come up with a good economical way to do a backyard patio area on his craftsman.

Better than most hedge funds and certainly better than I could've done other than getting lucky with Bitcoin or putting it all on Amazon at the end of the financial crisis.