Second most important is REI being long term play unless you are purely in flipping business,requires much more of personal involvement to be successful.

I'm fixing up my unit and will move out soon and get ~$1100 which will be pure cash flow.Just keep it up man!

As an agent getting calls about a listed property, a wholesaler, let alone a new one, is pretty easy to spot, if you know they exist and how they work ....and when that happens, yeah I'll require a POF upfront, as opposed to what seems like a real buyer, then maybe the POF comes later, with the offer......purely a judgment call on the agent' part, and apparently in this case a good one.

As a pure investment property, most people will shy away from the income of only $2850, since it is less than 1% of the purchase price.General "rule of thumb" is that a rental property should have a monthly gross income of 1% or more of the purchase price.Granted, this is technically not a commercial property that you are looking at (it is less than 5 units) - as such, it will most likely be priced based on comparable sales in the area.

@Jessie TetreaultInteresting thought about the key pads, but I thought all of them have a physical lock as well to be used as a backup in case the battery dies in the keypad? 

@Frankie Woods, in a pure investment analysis you would figure the fair market rent for the subject property as income, all expenses, etc.  

@Preston Roth  Are you sure that you that the reason for the increase in insurance is purely driven by the knob and tube wiring?  

There is the possibility such a strategy as mentioned above is OK, but that is purely interpretation and comes with risk.  

The vast majority of people over spend on pure luxury items and basically have zero money scenes.

I have yet to find a reliable source on purely mortgage late payments.