There's so much work in most places right now that tradesman can be choosy about their projects, and my experience is that many of them are not at all thrilled about working on old, existing structures - everyone wants new construction.

It’s much harder to go back to learning when you’re 30 and expect to be paid $50/hr than when you’re 18 and thrilled for a deal.

I feel the market is gambling.

They tend to have affairs and gamble.

I don't want to gamble that I'll be able to rent it out at the higher rate.Thanks Frankie, At this point I can't tell if there is any value add stuff, because I've only seen the outside which looks alright.

I also gambled on very bad section 8 and lost thousands.

.$10k/year in negative cash flow verses your appreciation....your gamble and your call.

Comparatively, a duplex anywhere near Sydney is around $1,000,000 and rents for around $4,000 per month — no possible way to cash flow so you’d be gambling on appreciation.

I am in full agreement that a positive cash flow is a very important goal, due to the fact it insulates you from gambling on appreciation, equity, and rent increases. 

I took the gamble that possible mold remediation in the basement and structural deficiences wouldn't be a greater than $75k issue.