Manager lives on-site.Ok, those are the things that are positive about the home and community.Now for the things I feel would need to be added/completed/renovated before ready for sale or rent:New gutters - ~$800Laminate flooring in kitchen and bathrooms to match entire house - estimated $500Stove/Oven - ~$600Fridge - $700W/D (optional) - $600Window in master bedroom - $200Ceiling fan in master bedroom - $200Kitchen sink - $200Redo all door trim/paint all doors/rehang, replace or adjust a few doors - ~$500 (just a guess)Add small door to water heater closet ~$100New master bathtub - ~$8003-4 panels of skirting need to be replaced - $ (no idea) but estimating $200Ramp/Stairs/Deck leading to front door needs to be replaced - $1000Landscaping in front - $200Cleaning entire home to make ready for sale - $200I'd like to get a foundation specialist to look under the home (free)Roofing specialist to talk to me about the metal roof (free)I need to ask her about the furnace (forced air) and its age and working condition.I need to factor in about three months of lot rent (at $375 per month) for the renovations to be completed - $1125And I'd like to have $1000 set aside for unexpected rehab expensesGRAND TOTAL = $8925This would mean that our negotiations to the seller would start at $11,075.First, are these figures anywhere close to realistic?

., but 30 years is a long time...however you have to be prepared for the possibility that the rents could go down and not cover the mortgage (not too likely in my opinion) or the vacancy factor could go up and you again may not be able to cover the mortgage.Lastly if we have another crash in values and it goes down under what you owe then your $35k equity could disappear.These scenarios could cause you to  end up giving it back to the bank and ruin you credit thru no fault of your own.

I mean, I could think of 10 factors to come in play.

This means the property needs to return $25k per year over the next 10 years in order to be equivalent to the first model.Moving from this simplified model to your real life situation, here are some complicating factors:1.

Property management will be one of the biggest factors to your success. 

It’s a no-brainer, especially when you factor in the money you’re throwing away each month in rent, and it’s definitely possible in the LA area.

Don't forget to factor your depreciation on those machines for taxes.

I think by the time you take all those factors into account like you are they will make any deal look like it wont cash flow.   

vlad, I would think you could dissect the comps more: square footage, locations, amenities and make some adjustments to get a ball park number .they may have been all over, but may help you make the "reasonable offer" if you can study them some and maybe get what  duplexes are going for on a sq foot basis in the vicinity, a factor which may still work in your favor as you will be newer and probably better conditon with a new/newer build...

Any suggestions on important factors to consider in hiring these individuals?