Old management charging less than market price for each Apartment.Current Monthly Income: $21,825Currently Monthly expenses: $20,094 (includes water, sewer, lawn, electrical, maintenance, legal, CapEx, PITI etc)Current Cash Flow: $1,731What to expect once rents increased & laundry added: Monthly Rental Income: $25,925 - Expenses $20,094 = $5831 Cash FlowThe numbers above show the current state of affairs however there is so much meat left on the bone.

Eventually, the house will go into tax sale, foreclosure, or even receivorship if there are outstanding code violations, which, like blood in the water, will attract those looking to strip meat from bones.

I would strongly suggest you bone up on your real estate basics before considering making any investments.

Many of them were in such terrible condition, with wounds left untreated, broken bones that weren't set, etc.

It had good bones, had a new furnace, and a good layout.

Trusting the two optimistic comps at 260K (second mistake) above three others that were 230K let us to believe there would be meat on this bone. 

it sure is.. you may want to bone up on Dodd FRank  also Tennessee specifically is one of the states that requires a license to make any kind of loan secured by real estate.. that's why many regional HML don't work there..  

If you just need bare-bones (no website or mailing lists), but a good CRM, there are several free ones that will get it done like HubSpot.

It doesn't matter if you are young or old, totally new or need to build upon your experience.Yes, you have just announced a commitment to the thousands in this community about your seriousness regarding REI and have taken this bold step to affirm it.Your time on this site and with the BiggerPockets community will be well spent and can be financially rewarding if you so desire.You are here at the Forum, but, should raise your mouse to the top and explore the otherheadings displayed.Don't get overwhelmed by the massive amount of data archived on this site.Simply, bone up on the areas that you need to expand knowledge in such as, Forums,Marketplace, Learn, Network, Analyze, Resources.Feast on the Podcasts, #askbp Podcasts, blogs, webinars and the myriad of bookrecommendations.Also, you can review the quick links below to help solidify your grip on this site. http://www.biggerpockets.com/starthere http://www.biggerpockets.com/ubg http://www.biggerpockets.com/meet Setting up Keyword Alerts How to Use @Mentions on BiggerPockets 25 Tips for Real Estate SuccessAfter becoming more knowledgeable and confident because of my above suggestions, take action to snag your first real estate investment deal if new or add to your existing holdings if you have prior experience.Don't get caught up in analysis paralysis.You must immerse yourself in the RE marketplace locally in your neighborhood or afar if the situation warrants it.Take calculated risks if needed and you shall be rewarded!"

There is not enough meat on the bone for all that.Be fair give them the 74k and fix it up and rent it out.