Issues with the property at closing: low water pressure, aging roof, several lights not working, dated interior, water stain under HVAC unit, damaged decking (burn hole & rotting boards), old appliances, holes in drywallAnticipated cost to renovate:  $22500 (includes roof, repiping from old galvanized pipes, renovation of currently empty unit)  The currently occupied unit is TBD on cost, the tenant has been in place for the past 3 years.   

This is like sticking your hand on the burning stove.

This has stood the test of time and has proven to be the better choice.At our 8-plex we had one tenant burn a hole in a plastic/acrylic tub surround when she placed tea light candles in the soap holder.

John Burns, who is one of the most reputable sources for real estate data has a daily fear and greed index (love the name)Here are a few things that stuck out to me and I agree as we are seeing this ourselves:1.

It's important to address her fears and hesitations, which often include things like getting phone calls in the middle of the night from tenants, having all of your spare time taken up, what happens if a house burns down, etc. etc. etc.

If however it does not cash flow well and you are depending on the whims of the market you can get burned pretty badly. 

You will get burned but it’s par for the course, I let them know they can make slot of money of me once or they can have a repeat customer for years.

As Phoenix, Miami and others were "burning" in 08 others were doing okay (0 meltdown)

Hey @Robert Burns, When you are doing cold outreach it's all about volume.

This is something because of the debt used that can cause you to crash and burn really hard if you don't have reserves.