A purchase of $209k, $15k rehab, and ARV of $240k doesn't get you any thing back after you factor in all of the closing costs to purchase and to refinance.

You might decide that you absolutely want to own your own residence there and I assume you can afford it since you already own properties elsewhere, likely in beautiful Hawaï.

What a small world—Arnhem is such a beautiful city.

Petersburg in the beautiful sunshine state that we call Florida, contact me!

That looks like a beautiful property/venue!

Located about 1/2 mile from the base of Sabino Canyon recreation area and Coronado National Forest, beautiful mountain views, cut-de-sac, very nice neighborhood.  

You need to factor in your POTENTIAL upside. 6.

Beautiful home.

A knowledgeable investor might see a beautiful opportunity hiding under a worn facade. 

Quote from @Daron Williams: I just invested in a tax deed here in texas it was a beautiful lot right on lake sam rayburn. i have it on the market for sale the only problem is you have to have two lots to build on.. i found the person that owns the lot to the right of me and there willing to possibly sale there lot the only problem is i dont have the money or the credit  to purchase it.