You are talking 210,000 NOI triple net.

NNN - triple net.

A triple net lease would have the tenant paying the taxes, insurance, utilities, and interior maintenance and those numbers would certainly be different than a deal like this where the owner is still paying many/most of the expenses.

I get anonymity and all that but Jessica is tripled up.Finding value takes time. 

I would look into Triple Net Lease properties with credit tenants.

So double, and triple check your under writting, don't be lazy with your due diligence.

I could then do some cosmetic upgrades to the exterior, legalize the basement suite, and build a triple car garage raise the value and then put a mortgage on the property, over a 1-3 year timespan and then fully pay them out.

You no doubt know this market better, but that's a big assumption to triple check. 2) The budget for ongoing repairs and maintenance may be a little low for a house built in 1903...you never know what comes up...3) May want to take another look at the pricing assumptions. the ARV is the sum of repairs and closing costs.

Rented it out for the first 4 years to help afford the remodel.Value tripled by 2005. 2007 to 2017 did not rent out.

I've heard that triple-net leases are a way to do this without actually having to buy a new property on my own.