I feel stupid for not realizing this in the first place, because if I did the 70% rule correctly, we would have to be *negative* $2,500 in repair costs to make it fit.Am I missing something here? 

They owe back taxes(3500) and I'm sure they do not have the funds to make repairs.

I've heard that looking at the average cost per acre versus the cost of the property can be a good indicator of whether you want to invest in repairs versus teardown.

Since rarely are properties on the Oregon Coast (or anywhere for that matter) in flawless condition, generally post receipt of the inspection report there are items of concern that buyer(s) will want repaired or compensation towards. 

You can only afford to buy at 75% of ARV minus repairs.

th=1Also, here is a fluidmaster link, it's a major brand for toilet repair parts:https://shop.fluidmaster.com/toilet-parts/category/toiletPartsGood Luck!

. $3750 Gross. 70% = $2625 minus utilizes, repairs, licensing costs..$2100 net monthly income sound fair? 

No, you cannot use your VA eligibility to bid on a home at a foreclosure sale in New York.Once the sale has occurred, if the property reverts back to the lender (Meaning it didn't' sell to a 3rd party), then yes, you can use your VA eligibility to purchase, if the seller (Bank/servicer/credit union, etc.) accepts your offer, and, if the property meets VA requirements (Section 1, etc.).I sell the REO my bank takes back and I don't like VA because they try to stick me with fees and try to make me do repairs that we just aren't going to do.

Made a lump sum and now I make money in interest payments and I don’t have to have touch the house as far as repairs or landlording at all.  

There is no such thing as rental repairs before a rental is in service.