The plan is to start smaller, and flip a property with an ARV around $350K, then to elevate my portfolio over time with rental properties and multiple projects going on at once.

Expenses can range from normal maintenance, crazy new ADA requirements, changes in elevator/fire safety requirements, pest control, indoor pool expenses etc.  

Nobody in any state can do a full gut rehab for $20 per SF.I am closing on a single family home (elevated foundation) built in the 50's and it is a full gut plus roof, termite tenting, and the whole works.

I want to buy some foreclosed land that has over 100 feet of elevation gain on the property.  

Now I know in the future to get an elevation certificate as a contingency with my offer.

The property has an elevated wood dining room and kitchen floor that stands above the rest of the living area, which all sits on a slab foundation.

I've learned the hard way that for this kind of area, access control, lighting, video, even a patrol are very important.Regarding rents - Do you really think that market rents for an elevator apartment (not house) are that high.

Usually the tank is not the issue unless it has a crack or is otherwise broken.I assume it's not an elevated sand mound as those have only been around (in my area at least) for about 30 years.

With elevating PT, accumulating repairs etc your cashflow will become less and less attractive, until you decide to sell.

Asking price $87K, may offer $82K, 25% down ($20,500) 4% interest, 30 years.P&I: $294Tax: $137Insurance: $103HOA: $361....first red flag, it seems pretty high to me (it supposedly covers security, common areas, elevators, laundry rooms.Rent: $1300 (potential), second red flag because it's vacant at the moment.