The loan officer and my Agent said peeling paint, no appliances, and ruined floors would cause a no go with the FHA loan.   

Put in 42'' shaker espresso cabinets, granite countertops, stainless steel appliances, new tile, painted the garage floor, painted the exterior of the house, painted interior, added a walk-in pantry, finished the attic space to give it a 3rd bedroom/bonus room, new tile in the bathroom, new vanity, and tons of landscaping.  

Dirt lawn with knee high weeds, peeling paint everywhere, fence needing repair.

., NORTH SYRACUSE, NY PARK LANE APARTMENTS 16 ONE BEDROOM APARTMENTS 32 TWO BEDROOM APARTMENTS RENT INCLUDES HEAT AND HOT WATER LAUNDRY ROOMS – 8 NORTH COLONY TOWN HOUSES 20 TWO BEDROOM, ONE AND ONE HALF BATHROOMS BASEMENTS WITH WASHER/DRYER HOOK-UPS TENANTS PAY ALL UNTILITIES WATER IS SEPERATELY METERED (TENANTS COULD BE BILLED FOR USAGE – NOT CURRENT POLICY) CONDITION OF PROPERTY: PARK LANE: ROOFS NEED TO BE REPLACED WINDOWS NEED TO BE REPLACED NEW BOILERS WERE INSTALLED IN 2009 DRIVEWAY NEEDS TO BE RESURFACED ALL APARTMENTS AND COMMON AREAS ARE IN GOOD SHAPE NORTH COLONY: ROOF WAS REPLACED IN 2009 WINDOWS WERE REPLACED IN 2009 DRIVEWAY NEEDS TO BE RESURFACED / REAR OF BUILDING NEEDS PAINTING FINANCIALS: OFFEERING PRICE $3,200,000 REPAIR INVESTMENT FROM SELLER $200,000 -SELLER WILL GIVE BUYER $200,000 AT CLOSING FOR ABOVE LISTED DEFERRED MAINTENANCE ITEMS PROFORMA P&L - MONTHLY RENTS @ 100% $44,000 LAUNDRY COINS $1,100 MONTHLY INCOME $45,100 EXPENSES MORTGAGE - $2,560,000 @5.5% FOR 25 YEARS $15,721 PROPERTY TAXES 9,700 PROPERTY INSURANCE 1,600 ELECTRIC & GAS (2013 ACTUALS) 1,700 WATER (2013 ACTUALS) 1,300 VACANCY ALLOWANCE – 8% 3,550 ALLOWANCE FOR MAINTENANCE 2,500 ($36,071) NET MONTHLY CASH FLOW $9,029 17% RETURN ON INVESTMENT OF $640,000 A few things to note.

One of the questions on the exam was" went buyer come to look at a house built prior to 1978 but should you give them. two of the 4 answers were -lead-base pamphlet or - lead-base paint report. even tho they are both required but I would have to give the pamphlet first, right?

Parts of the exterior need some paint as well as the interior, the yard needs some work, the kitchen needs new floors and new cabinet doors, etc. ( I have yet to visit the property in person but this is what I could gather from the pictures).

About me:I started to work as a sub in 2010 hanging, tape, mud, drywall and paint for extra cash during college.

Let's knock off 10% more for paint, move-in fees, etc.

He's on the fence if he will sell (more about that below)...The roof is older and needs immediate replace of some shingles and eventually complete replacement, driveway needs repair/replaced, trim needs carpentry repair and painting, Estimated Exterior roughly $25,000.  

Not in horrible shape persay, but it does need paint, flooring and appliances.