For this first property, looking for something in the $100k-200k range.

We have had all kinds of issue with the water meter reading too, and getting lot rent invoices in a timely manor.

What I see is typically in the $3k - $6k range for those types of properties.

If you have a swimming pool check out the water pump system with aerial hoses.  

Quote from @Jeffrey Bourque: Hello All, I am new and this is my first attempt at purchasing a property with the intent to create monthly cash flow.The property: Triplex Listed at $140,000 - Total monthly rent income $2,150 - Tenants want to stay and are all willing to sign new leases for 3 years - 8 beds 5 baths and 3,500sqft livable space on a 4,800sqft lot - Heat and electric paid by tenants and water trash paid by owner $180 month - I have managed to talk the selling price down to $105,000 with a kick of $10,000 for closing and commissions so $115,000 all in - Building is in fairly good shape according to pictures and questions but have not done a inspection yet - some general maintenance repairs are needed according to the seller but nothing that seems to bother the tenants. - Taxes are on the higher side at $6,000 yearMy Numbers: $115,000 putting 20% of my money $23,000 and finance the rest with total expense of $1,834Monthly expense numbers: Future Maintenance 13% $273 - Vacancy 5% $105 - Property Insurance 5% $105 - Property Taxes 23% $500 - Property management 10% $215 - Office/Travel/Legal 4% $84 - Mortgage 26% $552 - Monthly Cash Flow - $316 per month or $3,792 per year so Cash on Cash = 17%I think this looks like it is a deal worth doing and I also believe I can bump the total rent up by $50 each tenant which I think make it even better.

These range low 500s to the mid 600s.

There's no way I can keep the house above water with that rent let alone consider any positive cash flow...so I need them out!

I'm happy - the floor plan is exactly what I was looking for - tri-level 4/4- which is hard to find in the price range I wanted.

The yard looked like trash, plumbing stack leaks and multiple water heater leaks.

Do you have a price range and are you looking for turn-key properties or something along the lines of a "fixer upper"?