Either they really need it and will not give back down payments because they can't afford to, or they realize they've found a sucker and can't wait to cash in on your ignorance.I'd say chalk it up to a win, as you learned more about doing proper due diligence before signing the dotted line, and overall this lesson was extremely cheap compared to the price that others have paid when breaking into real estate.Best of luck in the future!

It looks like the houses there are much newer 1990-2000 vs East coast market like Indy or Kansas.Yes, cash flow is lower but I bet appreciation will be higher for newer houses.What do you think?

This creates a WIN-WIN Situation and gives the Realtor incentive, to work harder on your behalf.

I ultimately decided to stay closer to home until I get some wins under my belt. 

If you're looking for properties around 50-60k in NWI in decent neighborhoods your best bet is the south side of Hammond or lake station.

I don't know your area, and I don't actually know how to appraise homes in your area, but I bet there is a local real estate agent who could give you a better answer.

I'm willing to make a bet with you now that you will regret for buying this deal within the next 5 years.  

I bet less than 10 houses in a mile radius has central. http://www.sears.com/search=heating%20and%20coolin...

So you come across potential flippers/buyers all the time I bet?

Your best bet is to call local property management companies (your competition) and ask what they charge.