My agent said if it needs little to moderate amount of fixes he thinks this is a home run. 

I am sure full price will not get you the house.There are 123 sex offenders, moderate crime(above average), poor rating schools.

For moderate income eligible households: Payment on loans is deferred for the first five years.

The funds are not quite enough to buy property outright in my market but they are enough for a moderate down payment on a 1-4 unit buy and hold property and possibly a small commercial unit but not quite enough to cover lender reserve requirements etc.

It's a dry town, so there are no bars, liquor stores, and no alcohol sales in the restaurants (of course bringing alcohol onto the island is allowed). 

Hi @Michael Clay,There are definitely different schools of thought on your approach, but even if you think it might have been a mistake, sometimes we can get away with mistakes :)  If you left a bottle of liquor for a recovering alcoholic, this could have gone south pretty quickly, but it worked out and to your benefit. 

And that’s cleaning out the old caulk, cleaning well, then wiping with rubbing alcohol before caulking again.

Finally, I am not sure what size properties you are looking at, but generally it will be around $300/per unit/year for replacement reserves for moderately sized multifamily properties. 

I have not seen comps personally, but I know this type of home is at least moderately popular in our area so we may have an opportunity to purchase, subdivide into three 1 acre plots, level them, add a long gravel driveway that splits into three and leads to a nice double-wide mobile home on each lot. 

@Alan Grobmeier It is certainly a good financial performer, but I expect some upcoming capex as well as moderately increasing taxes and insurance in the coming 3 years.