After reading Rich Dad Poor Dad ~ 2-3 years back, I knew I didn’t want anything to fancy (fixed up) or to close to market value, so my first target for buying my first home was going to be foreclosures (ideally that did not require too much work).My plan was to gain a bit of equity by fixing up a foreclosure and eventually either selling it or using the equity in the house (3-5 years down the road) to buy my first rental property.As luck would have it, I was fortunate enough to find a house that matched my criteria and was also fortunate enough to win my bid on a nice house (foreclosed).The icing on the cake for this deal was that my initial purchase price was $50,000 less than the appraised value.As a result, I now have a potential $60,000 in equity in the house.

(when considering an A/C system, especially in a humid summer environment, trying to cool with hydronic is challenging...think sweating glass of iced tea).

It has certainly given me motivation, I am trying to find a way to break the ice.

Welcome @Ron Manson I'm sure with your experience and know-how, BP will only be icing on the cake.

I am in the right ballpark or skating on thin ice? 

Personally speaking, I think your repairs are low, also 100 bucks is eaten up easily with a single repair... and 500 bucks could be wiped clean with a new water heater...Im in TN, my properties take brutal ICE storms and sometimes these are costly.  

My name is James and I have been reading about real estate and would like to expand my knowledge on the matter before I jump in and try to achieve my 10yr goal which is to gain a ice financial cushion , have multiple income properties, and continue to expand my other business(nothing to do with real estate ).

Then your earnest money is like icing on the cake and you have established a position of trust that will benefit not only that deal but all your future deals as well.Best of luck!

As a hockey analogy, "A good player goes where the puck is while a great player goes where the puck will be."

Finish work on these homes will include extensive crown moldings, chair rails, high end paint, granite and stainless steel appliances (including wine cooler and ice maker) are now a must.