There may be city violations, or they had a tenant that abandoned the property, or there are broken windows, tall grass, etc.

It does need to be painted (inside), new flooring and could use an update on the kitchen, although I see one selling at the moment with no upgraded kitchen for $112,000.

Lip stick only, some major repairs, upgrades, etc? 

Hello -I will be be closing on a 3 Fam property within 2 weeks in the Bloomfield, NJ area and am looking for recommendations for contractors that can help with an upgrade in one of the units.

It was her fault (although accidental) & it needed immediate repair to prevent further damage from occurring (ie, pipe broken by shoving a metal storage rack into the sink cabinet). 

@Jeremy Swanson I think you should definitely evaluate any potential upgrade to see how much you can raise rents and how long it would take to recoup your capital.

Unfortunately, these upgrades will require that the elevator be inaccessible for 6 weeks beginning XX/XX/XXXX.

Wanted to see what anyone else's thoughts are but let's say I found a broken down house, contacted the owner, and got my offer accepted. 1) Where do I get a legitimate contract to give to him with inspection and financing contingency. 

If old T pays through end of lease, it is NOT a broken lease, so no broken lease fee.Texas also has a law that states you can have only a single satisfaction; no double recovery. 

Our current home would rent for 2k and our piti would be 1600ish.I know we may have to live here a year or so after the refi before we could turn it into a rental which is ok, we’re not in a rush.New home would be an upgrade likely in the 500k range with 100k down.