I'm learning there are very creative deals to be made as long as the seller is motivated to unload a property.Just curious- you stated you compiled a list of homes that were free and clear in your neighborhood.

You can have a conversation maybe as a prospective client (not being dishonest or trying to trick them of course) for the future and just ask if they know of any tired owners looking to unload to let you know.  

You have a place to live in for now and if the numbers don't work out the way you want them to as a rental down the road then you just unload it and get something that works better.

I just need to unload it so I'm selling for over $23K off of retail price.

Now, key point is the market's are so close that cost of tangible goods, lumber, roofing, etc. is in parity.

Most people purchasing SFHs are looking to live there and will pay more than an investor would.In my experience the banks have a process they stick to when unloading foreclosures. 

Decks are my biggest bang for the buck outside, as the material isn't that expensive and I can build a standard lumber dimension deck in a day (8x12, 10x12, 12x16). 

Tell me about it Mike... its nuts lately.I have many qualified borrowers Im working with that have a hard time right now.I've been adjusting pre-approval letters on each offer with RE agents to submit and still no acceptance.The sellers just have a lot of choices to pick the cream of the crop.The good thing about the market is it allows sellers to unload (as an investor) their properties at a top tier price.For the buyer/borrower it sucks since its frustrating offer after another.As a banker its frustrating because sometimes we enter escrow then we fall out because of entering escrow at a price too high to appraise for and then we're back to offer after offer to try to get back into escrow.With each challenge there is opportunity though.

The individual drain tiles were in really good shape, but two of them were disconnected, because 60 years ago they had been supported by some leftover construction lumber over a soft spot (instead of crushed stone, as supposed to).

The price that I am getting this unit for is not common, but you can still find good deals if you are willing to take on units that need work or landlords trying to unload properties.