I am trying to get through the race as fast and less expensive as possible (not to be confused with 'cheap').

The price is going to get silly cheap in the next few weeks.

But townhomes are all around me (I am in one myself) in very nice areas for fairly cheap. 

I agree it's cheap space and almost a no-brain er on investment value; however, it seems in my market a buyer is not willing to pay a full price/sq foot for the incremental space.

There are a couple nice areas in alton but those cheap properties are on streets that arent safe to drive down, let alone live on.  

This makes us take on higher risk.When the tenant doesn't pay, we hate the idea of losing rent so we let them stay and hope they pay as promised.When the cheap contractor doesn't finish the job or doesn't do it right, we hate to lose what we've already invested in the project and hate having to pay even more to do it right.When I knew the house would be a loser, I doubled down like a gambler when I should have walked.Don't let loss aversion make you risk tolerant!  

The property is not under contract, so I'm hopeful that I still have a shot but will not go above the price that works for my numbers.The property is cheap enough so my plan is to do a cash deal and then re-fi out once I rehab and the title seasons.My #'s have it cash-flowing at 265/mo. (2bd 1ba - could potentially be a 3bd which would be a huge win).Thanks in advance!

While there I helped out my friend's dad who had a bunch of rentals in the 10th & Sherman area of the near east side and he had a really hard time keeping anybody in them and ended up just dumping most of them real cheap.

But don't make the mistake of confusing "cheap" with "a good value".

Thanks to being a delivery driver for years, working a state rep political campaign walking door to door one entire fall, and growing up riding my bike every where in middle school I feel I can do some serious investing in these areas as my knowledge increases.