Originally posted by @Philip Murray:Hello BP community! 

I'm originally from Maryland (close to DC) and currently live here but willing to move to be local to Norfolk/Hampton Roads if necessary.

Originally posted by George P.

It was originally a 4bd 1 ba home (1 room being an office room but classifies as a bedroom) but the original owner added an addition off the back of the house.

I spent more money for the original PMC to manage an empty rental than my current PMC (Logical Property Management) costs to manage an occupied rental. 

Originally posted by @Sharad M.: Hi @Daniel Levine The cost will depend on how much work there is for the bookkeeper.

The seller was the original developer that had owned these properties for decades.There was no underlying flaw or hidden upside that would drive this behavior.  

The deals are very conservative and are mostly wealth preservation with modest cashflow (3-4%), but they've performed for me even while many syndications originated at the same time have been failing. 

.- Assuming a 12% HML with a 3% origination fee held for 4 months, with a 30-year cash out refinance at 70% LTV and 7% interest rate, where the property stabilizes two months after refinancing (6 months after purchasing), you would (i) nearly breakeven on the cash out refinance and would generate $455 in monthly net cash flow in year 1, increasing annually, assuming you rent for $7,000 in year 1 and increase rent 4% YoY.- See below and let me know if you would like me to send you a copy.

Just because a policy date is on the original, doesn't mean the contractor's policy is active.We do it all day every day for property owners.