The house next door, also a duplex with exact same floor plan but in better shape, last sold for 125k.

I had to pay for a lot of things to get the property into good shape (roof, electric, HVAC, backyard upgrades, furniture, design, etc.). 

My personal goal would be to keep the tenant even if the unit was in rough shape, and just get to the bottom of the late rent thing

Keep a larger security deposit and demand that the property be delivered back in perfect shape.7.  

Sounds like you're in good shape.

Hey, it sounds like you’ve got a great plan shaping up!

Quote from @Luis De la Puente: In your experience, how do you see private money lenders shaping the real estate market, especially for fix and flip projects?

@Stepan Fedetskiy section 8 can be good option if you have a good PM who maintains the property in good shape all the time as per the needed standards. best part is govt pays a portion of the rents so you dont have to chase tenants, downside the upkeep of the unit will eat up appx 20%. so its little tricky..sounds good on paper but when you go through one you will get an idea. i had 4-5 section 8's , 3 of them had no issues, but 1 of them had lot of issues and ate up all the profits.  

As summer winds down, here’s a look at how things shaped up this season.Most property managers reported occupancy rates being down by 10-12% year-to-date.

The one that was left was in really bad shape.