Doing extensive repairs is rolling the dice.

I walk the property with my general contractor to get a preliminary estimate for repairs.  

From there you wouldn't be as leveraged and could continue growing as you wish from there.A personal loan to secure rental property could work as well- but holds more risk as troubles could arise with flakey tenants or repairs to be done during the hold time. 

I would also look at what it would cost to do minor repairs to get you another 3-5 years, and compare that to what it would rent for.

We do have some carpenters however they are in short supply and hard to keep so if you know of any one who is a handyman or repair man or carpenter please invite them to join you and us.Again welcome and I look forward to seeing you on the 23rd of January. 

It is hard to make money at 1% with a cheaper property like that. 1% doesn't leave you much for maintenance or repairs.

They base the loan on the "After Repair Value" (ARV) of the property. 

@Wendy C. lots of Realtors I talk to and plenty of  investors don't factor in vacancy, Capex or repairs.

Everything looked great, why question - 22% ROI, 1 long-term tenant, leases that extended through the summer, and no repairs needed. 

Also our quarterly inspection is scheduled for January 6th 2018, we will be entering to inspect the HVAC system and unit for repairs.