Alos don't feel bad.

Is it a bad idea to invest in properties where you would be able to collect rent that is equal or a little less than your mortgage payment?

but end of the day lots of Black on your balance sheet simply is not a bad thing.. 

Andrey this the same deal you were posting about a few months back.. if so i would contact Kathy and see whats up.. its exactly as i thought it was.. seller financing so the debt was to the seller who then probably sold the notes to other investors.. so no recourse just bad deal 

I think the big question is how badly do you want to keep the extra $50k liquid?

If the proforma has the rent roll at $1400 a month, there is a discrepancy that could lead you into a bad assumption on your business plan.Also one caveat, be aware of physical delineations around the area like bridges or railroad tracks or a canal. 

What's the risk or cost to you if you face an eviction or a bad tenant because you used basic screening techniques? 

Not a bad outcome for worst case if you ask me. 

My assumption is that there are a lot of bad apples, and very few that actually care about the seller.

.: Bathroom Floor at the rental property looks bad as attached.