It turned out to be arson - revenge on a tenant (go figure) - but when the fire department was examining the integrity of building once the fire was extinguished, they found a body in the attic.  

Age, pumping schedule and possible break down and replacement are all issues. 

It seems like a great way to break into investing if you can do it right.As far as purchasing a single family house or condo, I guess a lot of it comes down to the rent to value ratio in the area you're looking.

Selling  closing costs.I use as rule of thumb  10% of gross when I do a quick look at properties but to break it down6900    6% commish1000    tax s for 6 months property taxs as we know in texas are sky high.750      builders risk policy500     utilities  got to have those to work on the house1200    sellers closing costs  ( not sure if you included buyers closing cost in your pp)500      misc10,800     10% of gross would be 11,500 so pretty close there.89,270      PP100,120   Sale price of 115,000   equals   profit of  14,800.00  which equals a 40% APR for time held...

one last try...Can anyone help me break these numbers down?

You'd have to be more specific, and break it down for us.  

I once had a water main break on New Year's Eve on a 128 unit apartment. 

I am not sure about putting that kind of information on here, as well not allowed to post contact information, I would like to make contact with you, Ming, without breaking the rulessuggestions there would be nice as wellthank you

Whoa whoa whoa pump your breaks everyone.

Re Michigan I'm in Sterling Heights Sun eve until Tuesday - if any body would like to get together for a chat and a beer Sunday night !