Net Proceeds is about 350K (minus included 40K CAPEX over 2 years).I learned a couple of things that I hope will help other investors looking at their first class C apartment:1) Class C is a broad asset class, if you do take a “slum” and decide to add “sweat equity”, make sure you do hire an onsite property manager who has access to “value” sub-contractors2) Swamp coolers are the most common things to break and get replaced.

Water cooler chats eat up what should be productive time. 

With that being said, it is currently the slow season in AZ so there should be an uptick in people coming back to the city in the cooler months.

It’ll help keep your kitchen (and connecting rooms) cooler and save energy as well.

And I operate south of Atlanta where the market is supposedly cooler. 

Nothing cooler then living in a house that is paid by others or better yet, you getting paid to live there.

Property needs a little attention (carpet, paint, evap/swamp-cooler) and a few other cosmetic items.

Sounds cool, Eric.

For additional information on FHA mortgages go to: http://portal.hud.gov/portal/page/portal/HUD/topics/buying_a_homeTo locate a FHA approved lender go tohttp://www.hud.gov/ll/code/llplcrit.html If you wish to contact a HUD approved housing counseling agency please visit http://www.hud.gov/offices/hsg/sfh/hcc/hccprof14.cfm Many local and State government programs are available that provide grants for the down payment or to help pay closing costs.

Thanks for the motivation to go home and figure out the CFM of the furnace and see if it will be able to handle all the new area.