I suspect it comes down to what price I can get the seller down to - which is my next task actually!

As I suspected, seems like there are no free lunches.

I'm suspecting he will probably file for bankruptcy soon.  

Chris MasonThanks for the information, you've confirmed much of what I had suspected but it is good to hear it straight from a professional.

I suspect virtually every state has the same verbiage in the license laws.IE if for profit or gain your business is to introduce buyers an sellers . then you need a license.

I suspect I will have a harder time selling/renting it than I would a property bought solely for investment but if the money is right, and I could profit substantially....load up kids, we're moving ;) 

Since this house was built in 2001, I suspect the HVAC is original/at the end of its useful life. 

I don't know what you were calculating your cash flow on, but I suspect it is close to those rates. 

I love the drawings for the porch and suspect it will be necessary to get into the 250k range.

@Mike Hartzog   I suspect with this new waive of newbies trying to get into NPN  as its RE de jour this is a very common occurance especially low value MId west and rust belt assets.Pretty easy to establish value in the western states. and on eastern seaboard.. all bets are off in my mind in the mid west especially low value assets.