I hope this helps you out in consideration.

Also, to "toot my own horn," please read my BP blog article about Valuation of Rental Properties, at https://www.biggerpockets.com/blogs/6547/51598-val...At the same time, develop relationships on BP for people who can send you leads, submit properties for your consideration, or partner with you on deals.Denise

The unit is located in the Seminole Heights area of Tampa and most likely just needs freon.

Hey Bryce I was under the assumption that the cost of the properties is taken into consideration as well.

@Armando Payano  I'll pm you contact info for a very reasonably priced and competent handyman in Seminole Heights who I use.

There are some non-legal considerations as well depending on what kind of public image you want to put out.

It's important considerations that need to be thought of and planned for.

But because Houston has no zoning laws, just 6-8 miles south of that you have very desirable housing of the Garden Oaks and Heights neighborhoods. 

One consideration here is how much time you want to invest.

Also, even if the previous owner only owed 60k, you have to take into consideration the cost of foreclosing and the lost income if they hadn't been paying for months or years, not to mention any other costs of satisfying tax liens or maintenance issues that need to be resolved before sale.So, speaking as someone who has bought only 3 foreclosed properties:  You make an offer that works for you, and depending on how anxious they are to sell it, and how much interest they've had, they will accept or reject.