Almost nothing beats having a cushion of equity to soften any recession or compensate for costs/capex.  

So IF you know you can pull $1100 from this property and IF there are no other major issues you'd be cash flowing $300 per month (but that's a big IF)On wells and septic:Wells can be fine, just make sure to install a water softener.

How long -- Time on the market and price (reduction) are close cousins -Price softens as time moves on and motivation and reality is realizedEverything will sell at a price -The first thing I'd want to do is get the history of the property - how long on the market, why is it vacant - what's the reason for selling - is it listed - look at listingWhat is the mortgage balance - is it current or in the arrears - What other liens or obligations are on the propertyHow many owners - decision makersWhat is the commission - will agent splitAre they open to a reasonable and creative offersDo they want any profit or to just get it out of their nameCan down payment be paid over time -How much paper with they accept - delayed payments - principal mortgageWho is the decision makerHow fast do they want to settleEverything is negotiable - CONTROL IS KING - learn how to control real estate - it is a short cut to cash flow - it is the best way I know of assigning properties.Who controls real estate - An agent with a listing agreement (treat them well - they are in control for a period of time)An accepted option agreementA buyer with an accepted contract of sale with contingencies

Ashley - I don't know if this is a good deal or not - but I did respond to that listing - it looks bad and empty - There could be lots of equity or lots of stress - I like in and out in a short period of time.In my opinion every property offer is a "deal" - Every property offered is or could be a good deal -The only thing that make a property a bad deal is PRICEEvery property will sell if the price is rightTime on the market and price (reduction) are close cousins -Price softens as time moves on and motivation and reality is realizedEverything will sell at a price -The first thing I'd want to do is get the history of the property - how long on the market, why is it vacant - what's the reason for selling -What is the current mortgage balance - is it current or in the arrears - What other liens or obligations are on the propertyHow many owners - decision makersWhat is the commission - will agent splitAre there open to a reasonable and creative offerDo they want any profit or to just get it out of their nameCan down payment be paid over timeHow much paper with they accept - delayed payments - principal mortgageAshley - since you exposed this property to all of us - You should see if you can get the answers to those questions above - and play the game - WHAT WOULD I OFFER?

I'm very green as far as mortgage tips and tricks as this is only my 2nd mortgage.I'm currently updating parts of the house such as a full bathroom gut on the main floor, new water heater, softener, fuse panel, radon mitigation system, windows, paint, flooring etc. 

Rumor is the market is softening a bit in Brooklyn (not as much foreign investment said one RE broker), I would look to buy into the fall and winter.  

The market for the tear down new builds has softened a bit over there. 

We have not fully recovered from the lowest home starts ever a few years ago.The general consensus is that an uptick in interest rates will soften the frenzy we are now seeing (multiple offers over list, etc).  

I assume I'd need a good pump, a water softener and a water filter.  

Is it just me, or is the market softening?