Know what you're getting into before you put down the coin.

I am not a fan of coin opp servicing companies that let machines stay broke for a long period of time and then take a majority of the income for their poor service.Turning the property around will take at least 6 months since there is a lot to do.

Some simple things could be;Adding coin operated washer/dryer (If they don't have them in their units already)Covered parking and adding a monthly charge (Not sure how well they'd like that)Adding standing BBQ pits or maybe some type of play set for kids (Could harm insurance rate)

All 2 bedroom unitsRents: $600 per doorMarket rents: $1100-1300 per unitRehab budget: $175kOther measures being implemented to increase NOI: Energy efficient LED lighting indoor and outdoor, RUBS, coin laundry, storage units, pet feesProjected rehab time: 6 monthsProjected ARV based on 7 CAP: $1.2mProjected cashflow after cashout refi: $400 per doorDeal#3Cost per unit: $55kRent per unit: $800-850/mo per unitProperty type: 4plex in Cincinnati How we found it: off market through Facebook groupStrategy: 1 year House-hack followed by 5-7 yr hold rentalFinancing: FHA loan 3.5% down @2.375% interest rate2 units owner occupied, 2 units rentedRental income covers all expenses and mortgage costsIf all 4 units are rented, property to cashflow $200-250 per door as-isLearnings:1) Mindset shift Reading Kiyosaki's Rich Dad, Poor Dad and Cashflow quadrant motivated us to - let go of our liabilities and build assets, move from Employee quadrant to Entrepreneur and Investor quadrant and put us on the path to create passive income.  2) Education - We spent a year reading books on real estate investing, listening to podcasts, reading BP forums and analyzing deals.

@Robert Taylor I think most folks do:Buy - Fixup - Sell/Rent which usually takes a minimum or 3 months here in Boston or New Hampshire.A Flip to me, is like with a coin, takes less than a second to determine Heads or Tails not 3 months.

@Michele Fischer   Michele  that is the best representation of low end rentals that has ever been coined.. perfect  I am going to steal that if you don't mind...

I made an 'income statement' for the property and came up with the following #'s; Effective Gross Income = $29,760 ($32,400 + $600 in coin laundry less 10% vacancy allowance) Total Operating/Fixed Expenses = $13,737 ($3987 in property taxes AFTER renos and at an assumption of a new assessed value of $300k- used formula on city website to calculate this #) ($4464 for reserves and replacements (15%)) ($1786 in management fees (used conservative 6%, but I would be doing this, not another company.

A silver lining in the clouds...So there are two sides of the coin in recessions, one side is perhaps less demand the other is potential bargains. 

My coin. 

Another factor in my plans to sell the house in Colorado and buy more rental property in NC.I bought the house in CO in 89.