"70% - Repairs" is a formula for determining if a property may be a potentially good flip candidate.William - $50K and $550 in rent isn't a great deal, but if you have good financing in place (or are paying cash), you can certainly cash flow.

Until and unless you are willing to learn the factors that determine both the retail value and cost of repairs your street credibility is non-existent.

The key to the first call is determine if the are; 1) Interested in selling, 2) Determine how motivated they are3) Get an idea of the price they wantThere are plenty of people search sites on the net to help you find them.

If you've seen it on the Internet it must be true, "Bonjour!"

This is important because it determines cap rate target.So rent 483 unit X 3 = 1,449 monthly X 12 = 17,338 expected gross income.No landlord utility go by 50%Take 17,338 divided by 2 = 8,694 NOI before debt serviceSo a 10 cap rate would be a purchase price of 86,940 and this is assuming there is no immediate capex (repairs) to the property.

Determine the ARV for a finished home comparable to what you'll buildSubtract selling costsSubtract construction costsSubtract land development costsSubtract acquisition costsSubtract carry costsSubtract your desired revenue= property value for you.Comps are irrelevant in land buys UNLESS your property valuation is greater than a comparable property.

At this time I'm not looking to generate internet leads from a website, just to round out my marketing.Have you seen any that you found appealing?

Since ARV is a moving target (changes every day) appraisals are a way the banks/lenders can determine the "official" market value of the property.

Take a look at my second post in this thread:http://www.biggerpockets.com/forums/48/topics/70693-its-feb-2012-what-did-you-accomplish-in-the-first-monthAlso, do an Internet search for "ROBS 401k" for more info...

How do you determine what the max amount you could set for rent and still get section 8 tenants?