Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620 (approaching 22% probability of default), many blemishes, but should have no evictions in last 2 years.

Next time I go to an open house, I'll ask one of them if I were to buy this as a rental do you think it would work as an LTR, MTR or STR and what's the cash on cash return and median rent in this neighborhood. 

I think these regulations improve accountability, generate revenue, ensure fair competition, protect neighborhoods, address housing shortages, and promote responsible property use.

RandyThanks Randy, sure I will start to shop around .

Let's say it's a suburban home in a decent to nice neighborhood, ARV $200-$500k.Do you make signing a quit claim deed a part of your cash for keys agreement?

It was not uncommon that they bought some of the worst houses (weird layout, dated, much deferred maintenance) in the nicest neighborhoods and then would try to relist them as-is to make a profit before ending up having to do the actual work required to the property for it to sell again, selling at a loss, or maybe making a little bit of money in transaction fees.

Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620 (approaching 22% probability of default), many blemishes, but should have no evictions in last 2 years.

This is holding me back a little and I am currently shopping for other lenders, banks.

Appliances and fixtures were old and tired.Basically, the core bones of the property were good, but there were a lot of things that seemed ripe for easy improvement.The location was great, right next to the town’s primary commercial district, with a grocery store 100 yards away, coffee shop/bakery, Post Office, drugstore, hardware store, hair and nail salons, barber shop, dentist, bank, a half dozen restaurants, and a variety of other shops and services.

In these cases, looking at recent sales of similar properties in the same neighborhood is a better indicator of value.