Also if you did find a house for 20K that only needed 15K of work it doesn't seem like it would be in a neighborhood that would command 1300 in rent.

I’ll try not to be too lengthy, but I think people can identify with these stories a little better when there is some personal context.My name is Ben Ervin and I am a Program Analyst for the Naval Education and Training Command in Pensacola, FL. 

If you have excessive equity in a property and it can command 1% of market value in market rent, then a cash-out refinance is optimal and would leave 25% equity in the property (per Fannie Mae requirements). 

Smaller tenants all the time try to get CHERRY lease terms that only a national tenant backed by thousands of stores commands.

But I can foresee an issue commanding anything north of $600k (per-se), if we elect to merge the lots.

Inside the military I was an Air Education and Training Command Master Instructor.

Like any profession, there are people great at their job who command higher fees for their work, and there are people that are not good trying to just scratch out a living and barely getting by.

If the property is in pristine condition that has been updated to the top of market for the area and large CAPEX items are new, then that property will command top of market pricing, just like an homeowner would.  

@Engelo Rumora these properties aren't distressed unfortunately, and would probably command $50-$60 thousand a piece.

These units are commanding higher rent, competing with luxury apartments, and the backyard privacy space is part of my strategy for commanding the luxury apartment rates.