But if it's in the ballpark, it seems to me like the area is steady and improvable.I may be a bit optimistic about the area but I feel it's definitely a good time to start here!

I might have come across as blunt, but I don't think it's helpful to sound too optimistic about this scenario. 

In my optimistic mind, I am thinking this may not be more than pumping out the water, fixing the floor drains, dehumidifying and painting...am I way off on this one?  

Hopefully someone else has had a more optimistic experience than I have, but they just are a challenging product.

In the very least, she should stop contributing to the 401k (with the exception of any minimum amount to get employer match) and contribute to a ROTH instead.The money placed into the traditional IRA is not wasted, as you can tap $10k from the IRA to purchase a first home without eating the 10% early withdrawal penalty (note that this 10k will still be added to your taxable income).Saying that you know you'll get better returns in Real Estate is too optimistic in my opinion.  

Try to stay around positive and optimistic people they will tend to look for solutions as some will just bring out and highlight the problems in a market.Houston is experiencing great positive growth in their luxury home market.In Houston you can get a decent read on the Real estate market by what goes on with the oil industry.I pray you have a prosperous career. 

I know the market is a bit soft right now, but are you still optimistic about the area?

Emily, Apartment prices are sky high fed by easy adjustable rate financing and optimistic income and expense projections.  

I think that getting a loan for 100% of purchase price on a quad is optimistic.

So, lets be optimistic and say your real outlay is $300/month.You buy at $115K (ranges always make me assume the worst.)