(This was right out of the gate) Other things were a furnace, AC, Water heater. 

The complex is gated, 10 mins from my work, and in a good location.

For the high cost areas like Palo Alto it is difficult to get a property to cashflow out the gate because rents have not caught up with the cost. 

With the deferred maintenance and your $150K rehab budget, offering $200K out of the gate would not make financial sense.

However, like many on BP, I have also bought expensive courses in the past and found that the money needed to make the program work wasn't 100% clear out of the gate.

While that's certainly not ideal, my leverage was low to start with and my loan maturities were ten years so I have staying power to sell into a better market.Looking ahead, anything I'd buy would have to cash flow out of the gate in a higher-rate climate. 

.$       50    average pad prep$    150    Driveways- Rock, $30,000   200 units$    300    Fence 2 acres, $40,000; Gate $20,000; 200 units.$ 1,000    Land $100,000 per acre$4,500     Let's round to $4,500; permits security, other miscellaneous.NOI Per Unit:$1,300     90% occupancy at $120 per month$      15    Insurance- $3,000 for 200 units$      50   Property Tax $10,000; primarily just land and fence, etc. 

I chose this area for two reasons, the first is that the South Gate Entrance has the least issues.

Now that particular niche would not be my cup of tea out of the gate for sure.

If you are stuck on it, do not pay for a course and you better go for a grand slam out of the gate.