You can build your mental database of various property conditions, approximate values and area trends.

The sole purpose is to identify and acquire 4+ bedroom properties to rent to college students and collect rent per room (research shows that rooms can rent anywhere from $400-$600 depending on size and condition of rooms/home). 

There are 3 characteristics of a good motivated seller lead:1) TIME - they are in a hurry for some reason2) CONDITION - their house has a ton of "deferred maintenance" so it's not retail-ready.3) CASH - they need moneyAbsentees work because there are tired landlords and inherited properties in that list.  

I am getting the property at a substantial discount because of the condition of the property and the problems associated with the husband.Thanks for your input and comments.Richard

Ask him/her what the arv would be if you were to sell it today in move in condition (it shouldn't be too far off in 4-5 months).  

The property might not comp out for much given the condition and location (which are unknown).  

Also it states "Funding is subject to a clear and unencumbered title report and lender’s appraisal of property and condition thereof".

Hi BP,I have a situation that I want to obtain a property that is in really bad condition but will make a great profit after rehabbing it.

Property is a great investment and has about 10k in equity from the asking price and Is in move in ready condition.

McLennan CAD Property ID:xxxLegal Description (partial):xxx Block 3 Lot 4B 5 Acres 0.2083 ADDRESS: 2222 xxxx Ave.Waco, Texas 76706-2906DWELLING: The house and outbuilding(s) located at the above addressSELLER:Maria S xxxBUYER:Waco House BUYER, LLCTERMS:$xxx CashTerms and ConditionsSELLER warrants there are no outstanding “fix-it” letters or letters of demand for repairs, code violations, hazardous conditions or red tags from the city, county, or any other government agency.Offer is contingent upon BUYER being able to obtain a standard fire insurance policy.BUYER agrees to waive standard lead-based paint and asbestos tests required for older properties—years built from 1938 to 1952.SELLER warrants DWELLING is “hooked up” and serviced by city/county water and sewer providers.BUYER has observed marginal condition of roof on the DWELLING.