Here's another spin on the numbers you've reported in your original post - Gross Potential Income Rent: $325 x 24 Units = $7800 Utility Income: $48 x 24 units = $1152 Less Vacancy (7%) = (627) Gross Income: $8325Expenses, monthly: $4083 (from the annual expense figure you were given)Net Operating Income: $4242Debt Service: $4112(I happened to have a very good friend who's a multifamily loan officer in Dallas, and asked him this afternoon in a call what rates are available right now for a multifamily deal this small - he gave me 5.81%, 30 year amortization, 5 year call.

Assuming you bought at a 1.5% rent to purchase price, your gross annual income would be 204,000 with an estimated 102,000 in NOI.

Maybe one day we'll host an annual conference!

Nevertheless, even if the County only has an Annual Sale, it must be held on the 1st Tuesday of that month in which they plan to conduct a sale.

For example, I have a couple of $60,000 (market value) houses with annual taxes of only $350 (good deal) and I have other $60,000 houses with annual taxes of $800 (ouch!).

It's been a few years, but I think it cost about $125 at the time, with an annual renewal fee of $50.

. ($350)One is on social security and is disabled – other pays rent cashiers check ($275)Unit mix 2 x 2 bd/ 1 bth Here are the numbers:Price $26,000 (they will only accept cash) I can come up with about 10k in cash but would have to take a personal loan to cover the restGross Rent: $7,500 (100% occupancy consistently)Expenses –A) $1975 (owners claims with property mgt included)OR –B) $3000 (if I assume a 40% of rents =expenses) NOI:$5,525 (if use A expenses)OR$4.500 (if use B expenses)Even if I was to 100% LTV at a $26K price at approx 7.5% Annual Debt Service would be: $2340So Annual positive Cash Flow would be: $3185 (if expenses A – owner claims) (or $265 a month)OR $2160 (if expenses B – using 40% of gross rents) (or $180 a month)Repairs known (before property inspection) needs new exterior and interior paint (additional $1,500), Roof is approximately 10 years old The money seems small but consistentDuplex Located in Buffalo, New York There have been a lot of foreclosures in that area – some I can tell were investorsOn the plus side, these tenants don’t seem like they are going any where soon.

Most Sales are conducted on the 4th Monday in August of each year for each County that schedules its' Annual Tax Sale.

They used savings, HELOCs and everything they could get their hands on and ended up putting ten times their annual income into these properties.

So, unless you're confident these local drives are going to give you some real appreciation, these are money losers.If you get annual appreciation of 5% (very speculative, IMHO) one will be worth $191K and the other $146K after five years.