I think to achieve the best results when working with a contractor would be to establish a THOROUGH scope of work, concrete timeline and contract value.

The houses are right next to each other on a corner lot that is ~2 blocks away from a brand new hospital that is being built in my townCurrent rents - these are definitely below current market value even before the new hospital goes in.

Mike, the lot is almost 4000sq ft, it is right behind the new medical complexes and is two blocks fromCanal Street Streetcar; it's actually in walking distance to the Superdome.

Looks like the home will meet FHA requirements and we will have to pay a bit more to get the crawl space dried out and have some blocks repaired, then have it re-leveled. 

Do focus on making a fat list of properties, make a list of the UGLIEST houses on the block.

The higher ends are full houses or apts with amenitiesProperty is located within blocks of a Cal State University so rental demand may be consistentCOC ROI is fairly low, but I’m comfortable getting a ~5% return on my first deal if it means that this is a learning experience.

If not, I'll need to trench all the way from the electric panel in front yard which is going to cost a lot, since there's concrete paving all through.

The driveway has settled 6 inches and the back patio (10x10ft of concrete) is completely destroyed (split into 4 pieces) from settling.

My concern is.. when I rent it will I be able to, since I’m the only house on the block, the block behind me has only a few homes being built.

I can't wait to see what happens to the $250k house on the block for HOA dues.