The gutters are missing a large section of the down spout, there is a section of roof venting gone and the exterior hasnt been painted in years as the paint is peeling and the wood has now been exposed to the elements and rotting.

Randy,I will be interested to see what other responses you get.I guess the basics would be as a 'con' is that you would then need to worry about 'cash flow' compared to having it free and clear.The 'pro' would be that you could leverage those funds more progressively.

I am in San Antonio and curious what metrics you use to compare markets.

It needs to be explained to them that it is heat and they need to compare it to putting $1000.00 in an oil tank.

Which compared to NYC is very attractive for me.I'll check the boiler, roof, making sure current tenants are paying on time,...what are your thoughts?

first I would question how "comps" have such a wide range, a comparable rental unit, one that is like the one you will end up with, shouldn't vary that much at all, maybe $100 at the very most (probable more like $50), are you just comparing a big area and anything 3 bedroom?

That is probably in the range of what landlords will pay for SFHs but could be more or less depending on your market.Look for comparables.

Look at what comparable properties have sold within the last 6 mos.

Lewiston is pretty, but small compared to Denver.

It's at the stage now where the shingles are on, the doors and windows are in, but many other elements such as electrical and such are not complete.