After that, I was thinking about a postcard 4-5 weeks in.....basically right around the time the eviction proceedings should be drawing to a close but hopefully before another tenant is placed.

They are 2 completely different concepts.

I am just getting familiar with the concept.

The seller is basically telling you that they can't get their price and they are frustrated and decided to sell on their own...Sellers sometimes just don't listen to their agents and insist on listing at a price that's too high for the market and the property's condition.If a price is too high, buyers won't request to see the property.If the price is slightly high, buyers will come but won't submit offers.If the price is spot on, then the right buyers will submit offers.If the price is at a slight discount, there will be multiple offers.Also, and most importantly, the best offer usually comes in within the first 2-3 weeks.

The concept of reasonable is really on the individual, because your reasonable may be $500,000 vs someone in the midwest reasonable may be $100,000, so you have to find whats comfortable for you, do your hw and take action. 

We used to diary all of our deals on here and stopped for some reason.Here are the basics on this property:Purchase price - $72,250Estimated repair budget - $45,000-$50,000ARV - $185-195kTaxes - $4338/yrHow we purchased:Purchased with financing from a local hard money lender who financed 80% of the purchase price and 100% of the renovations at 12% interest only and 3 points charged at closingUnit Breakdown:- 1st floor is a 2-bed/1-bath 900 sq ft unit - Projected rent after rehab $900-$950- 2nd floor is a 2-bed/1-bath 900 sq ft unit - Projected rent after rehab $900-$950- 3rd floor is a 1-bed/1-bath 600 sq ft unit - Projected rent after rehab $700-$725How we located the deal:- We zeroed in on this foreclosure deal after it fell out of contract on the local MLS. 

Not just for taxes, but for basic fairness.

Intercoms with the door buzzer thingy.Especially for young people because:A) - they hate to go out and buy stuff they prefer it all arrives at their door in a big brown truckandB) when their stuff does arrive in the big brown truck they hate just a much having to answer the door or go down the stairs to let the guy in and to retrieve their stuff.They basically want to be able to order bubble bath from their bath and have it delivered right to them there in the tub.Adding the intercom/buzzer system if not already there does justify an nice rent bump come renewel time.

Your 50/50 profit concept is very superficial and does not consider lots of possibilities.What if there is an extended vacancy?

The proforma includes some basic tax benefits but it doesn't seem like anything major.