Just an estimate)- $24,000 Holding Costs (An estimate of $4k per month x 6 months)- $40,000 Rehab Costs - $12,000 Purchase Closing Costs (an Estimate, about 4%)- $5,000 Loan Fees/Points (I'm rounding) - $163,000 Purchase Price $17,000 ProfitSo, on a project like this, that's about what I see.

See you 'round BP!

Owner took out a mortgage in 2013 for $68k for the purchase of bothCondo association filed delinquent assessments on 3-24-15 this year for Floors:1, 5, 4 & 11 -- not sure why they did not file on some of the others - per my understanding the original developers are not paying either, however thats probably a moot point since it would be like attempting to get blood out of a turnip.Taxes per floor range in cost from $2700-$5100 -- the ones with lower assessments went and argued with the appraisers office once they bought out of foreclosureSpecials payable until 2023 of $4421 per floor  (once this is done - helps a bit with cash flow -- specials were used to change some windows, make street level improvements and upgrade the heating/air)Last Income statement I could get my hands on was from 2012 -- Expenses per floor at that time (doubt it's changed much except the owners association dues are likely higher to make up for the shortfall of the other deadbeats)Monthly expenses of $2500-3100I believe the mgmt company is ripping the condo owners off - charging $3575 per mo for the building for building maintenance, $3046.23 per mo for janitorial, $3300 per mo mgmt fee -- these are some big ticket items I could see cutting back on.So rough financials per floor per mo****************************************$3383      per mo rent (5800 * 7psf/12)   (676)     20% vacancy allowance   (643)     general/special taxes   (2600)     rough avg expenses per mgmt company - think quite a bit can be cut here---------------------------------------------------------------------------------(536)       rough loss per mo on a worst case scenario$4350 per mo rent (5800 * 9psf /12)   (652)   15% vacancy allowance   (643) general/special taxes    (2600) rough expenses per mgmt company - think quite a bit can be cut here---------------------------------------------------------------------------------455 cash flow per mo on a better case scenarioWhen you put pencil to paper this is not a good deal as it sits presently, however per my understanding - if every floor owner (or if the expenses for the building) were truly spread out over the 11 floors and all 11 floor owners (or one joint owner) was paying their share the monthly expenses could be cut quite a bit.  

That being said, allowed up to 20% for maintenance seems very cautious, unless there are a bunch of major ticket items that weren´t taken care of during rehab (i.e. roofs, air con units and electrical panels nearing the end of their lifespan).  5-8% for vacancies sounds fine for a competent property manager.We try to offer 8-9% net to investors purchasing our turnkey properties (usually in Pasco County), although the price ranges are in the $70-100k range and we make smaller vacancy and maintenance allowances than you do.At the end of the day, if you´re an out of state investor getting 6% for a property portfolio that requires little or no personal attention and you´re getting a capital gain, then things could be far worse. 

Remember you can't fit a round peg in a square hole without shaving the peg.  

The police will ticket violators.If they are parked legally, I don't think there's much you can do.

I have thought a new service which could offer landlords cash to spread the cost of big ticket expenses over 10months.

I have many friends That used to live in the city and have since moved to get away from the crime.

There were two rounds, the first being the 14th * It's RMLO not LMLO that Dodd-Frank speaks of.

Not sure what's going on but it doesn't matter now.News Alert-I called the tax office and found out the taxes have not been paid in over 2 years and there are tax certificates on it.I may have to look at *taxes* as my line of sight to do the elimination round early.LOL Yeah @Brent Coombsis that hilarious or what.