Anticipating a career change, I've been studying horticulture at the Univ. of Richmond and volunteering to gain experience.

I’m concerned that $1100 for NOI is too high (ie my expenses will be higher than I anticipate).

As long as I keep up on replacements so the apartments look new, we should be in good shape.I do anticipate replacing a lot of the furniture again in a couple years.

When you get to the point of being able to anticipate what the replies will be to the "Is this a deal?"

But you still may get caught up on some issue you can't anticipate. 

@James Wise you wrote: After you have figured out the rent and the product you want, factor in the 50% rule and then set the auto MLS search parameters for a low enough price point that it cash flows.My questions are:  (1) do you mean 50% of gross rents should cover PITI and all anticipated expenses or just PITI?

@Nat Chan Just a thought, get a plan in writing of all costs including repairs and anticipated repaired value to include anticipated taxes you will be paying them and rental income you think it will produce...basically sell it to them that it is in their best interest to not tear down and let you have time to make it produce money for them!!!

If your margins are thinner and you anticipate an asking price of less than $125K-$130K, I would consider having a follow-up discussion with your lenders.  

I suspect the agent's 17% is comprise mostly of "anticipated appreciation" and not on the business operations of the property.Before worrying about how you are going to finance this 4-plex, let's determine if you should be buying it in the first place and, if so, at what price.   

Oh when I said the lender asked for an extension, I meant more like dictated the date/s.Calvin banks are slammed lately especially big under staffed banks who were not anticipating the lower of rates lately that have driven a 2nd mini spur of refinancing activity.