Gives you time to go do more deals and get more contracts accepted for the next one. 

A lot of lenders used to apply 35% for expenses, but in the last several years, the numbers for supplies, labor, utilities, taxes, etc… have increased significantly.Also take into account the age, occupancy and how has the property been maintained, this will affect the expenses too

Do NOT buy anything from the Detroit Land Bank!

If the contract was sketchy at 3 pages I wouldn't have faith that they will play fair. 

Do you have a service or website you prefer to handle direct mail?

It does have a lot of features and navigating around the website is a bit cumbersome because things are not where I expect them to be.

The land has slightly increased in value (by like maybe 3-4% over 3 or so years) but the value of the structure I'm pretty sure has gone nowhere. 

We called the number and were able to view the property within a few hours.

The only “good news” is you’re paying for last year’s shortage and thsi year’s taxes, or this year’s shortage and next year’s escrow account. 

Find comparable rentals on various websites.