Be as professional as possible- this is purely a business transaction/investment. 

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.

The water went down to the basement from the kitchen ground and the ceiling of the basement was completely ruined (I finished the basement not long ago).

There's a 6 acre lake in a newer subdivision in Johnson Co  that receives the storm water.

Then we had a "flood" from where the hose in the back of the fridge had busted and my daughters room, kitchen, bathroom, hallway, hallways closet and my bedroom closet all had water under carpets and the came and vacuumed, twice and i have work orders for that then lastly i went to go get a pair of shoes i hadn't wore in a week or two and there was mold all over my shoes in the closet!

Will pay off at 6% interest over 7 years.Will rent for $550 once complete.Taxes: $900yr, Water: $600yr, Property management: 10% (all ready to be in place when house is done)Won't be making much until it is paid off after 2 years.

Does anyone have recommendations of who use in cedar rapids for water heater repair/replacement?

Kitchen appliances, water heater and furnace at half life.  

So how much life is left on your roof, water heater, furnace, decks, garage door, sidewalk, driveway and then take the years left and divide by the cost it takes to fix it.

Level 1: the "are we remotely close to offer price" analysis  Take the gross potential income and allocate 50% - 60% (exact percentage is determined by property age, amenities, and current condition) of it towards expenses Then take NOI and divide by cap rate which gives us the high-level valuation This takes 5 - 10 min to do side note: another way to do this is knowing the average expenses per unit per year for that property time in that market then allocating that towards expenses instead of the 50% - 60% Level 2: the "ok, let's get serious and specific" analysis  If after doing Level 1 it makes sense to continue then Level 2 is done In Level 2, you use property and market specific information to run your analysisSome (but not all) things to consider for the specific market/property: taxes and how they are evaluated, vacancy trends, what's currently being billed to residents vs. what could be billed to residents (i.e. water), etc.