It is pretty rare these days to find a deal in the Decatur, actual city of Decatur area, that is under water, so likely anything you purchase sub-to the existing mortgage could possible have some equity.  

A furnace replacement for $1,800 and a hot water tank replacement for $600.

The project is a green space/water reclamation area that may have a walking path and park.

In my neighborhood the tenant pays electricity but owner generally pays water/sewer/garbage.- Low crime is a plus.  

Hello bigger pockets community, I guess I'm kinda new to the community, I began my account here sometime ago, to dip my toe in the water and see what was happening.

Not in town enough.Are you purely in residential?  

When the "actual" appraisal came in (my $400) expense, it was so low that it blew any possibility of a profitable flip out of the water. 

Their guests have a wealth of experience that can guide you through the treacherous water in the beginning.Tap into the weekly BP webinar that Brandon hosts.

I would pay roughly $390/mo. for water and $279 for gas. tenant pays electric and I would pay $80/mo. for trash as well.

HOA owns hot water tanks, but not the HVAC.