I had a real estate agent run comps for what homes are selling for around there and the average was 97k but the home in itself in a all repaired status the tax assessors site has it valued at 280k but I think if it was fixed it would sell for no more than 120k.Now, I went to the place to get a closer look at it as it sits farther back from the street than the other homes with its own driveway going all the way back there.

(No more excuses)!

It's not worth paying extra when they are no more reliable than the cheap ones.

You would want to get it under contract for no more than $55,000 in that case.Here's a good method from Sean Terry for calculating comp values.

Expenses must include a PM3 - Initial cost (cash in) must be no more than the maximum % of ARV needed by the initial REI (seller) that would leave that REI enough equity to keep enough CF/M to make it worth it for them to stay on as Deal ManagerExit Requirements (or Entrance from the Buyin point of view)1 - Splits of available (see Entrance Requirements #3) equity must be divided up evenly2 - Cash flow is split the same ratios as Equity splits3 - Property is held in an LLC, and the Equity Splits are actually membership splits of the LLC...not the property, because...4 - The LLC is the asset, and income source, for the LLCSince I started doing this, I find myself filling orders more than trying to fill Equity Slots...especially with my Out of State REI/Partners.  

You can always just check the city data and all the correct information is there for you to see.Also, the homes I bought in Philly we're no more the $23,000 with very good comps in areas that are appreciating over time. 

I would focus on lower priced homes no more than $150,000 with rentals yield around the $1200-$1300.

:- http://www.military.com/money/home-ownership/how-f...From previous threads, my understanding is that once your first VA loan is issued, you can still utilize any of the allowable remainder (to total no more than $417k according to that website) when you move, without having to pay out the first loan.With an FHA-approved low-deposit loan, everything I've read suggests that you can only have ONE of those loans at a time, meaning that when you move but would still like the same type of loan for your next home, your first one would need to either be paid out, or, (as many seem to like the idea of), convert THAT loan into a conventional loan (which works best if your equity is already say 30% by then) before re-applying for another FHA-approved loan for your next primary. 

If you pay cash for it, you can get back ALL of your purchase and closing cost back under the "Delayed Financing Exception", providing that you paid no more than 70% of its appraisal.https://www.fanniemae.com/content/guide/selling/b2...Otherwise, just wait out a Lender's seasoning period, after which the purchase price is irrelevant.Note that Fannie Mae quotes 70% of their appraisal, not 75%.

It seems like a safe way to try out being a landlord, maybe just do a shorter lease at first (no more than a year) in case you don't enjoy it, then you can sell after the lease is up.