Add $10K/yr in property taxes and another $10K/yr in homeowners insurance, and you can see why the $3200/mo rent won't cover your expenses. 

Here's what auction.com said about the transaction details: "Buyer will not be charged a Buyer's Premium for this property.If you are the Winning Bidder, an Earnest Money Deposit of 5% of the total purchase price or $2,500 (whichever is greater) is required.Buyer may receive a Special Warranty Deed or equivalent if Buyer is able to purchase title insurance without delaying the closing (title fees typically cost between $500 and $1500 and are based on the purchase price of the property).

Note that if your property is in a flood plain, banks will require flood insurance during the entire term of any loan on the property, which can be pricey.

How are the cities mentioned in the title?

The home was not insured for replacement cost, but we managed to have it rebuilt with the necessary upgrades.

Some of the condo communities and resorts were hit with large insurance assessments this year - a byproduct of the catastrophic storms that have plagued insurance carriers servicing coastal markets like Florida. 

Make sure to research property taxes, insurance, and any outstanding utility bills. 

There were a lot of steps missed from the very start like defining what exactly the client wants to achieve, are they preapproved and did you collect proof of funds to close, how will any acquisition be titled and why it matters now; how valuation is determined, current market conditions - appreciation, rent price, eviction rates, more; what makes a property ineligible for your client's search - what if it doesn't qualify for insurance, what if the repair cost will exceed a certain dollar amount, more. 

Get properly insured and operate your business professionally. 

As the title says, my tent ant contacted me today with this question.