Interest rates are very low, probably around 4.5% if its a second lien position.  

I know inventory is low right now, so I will keep searching. 

@Julie Belton, the cap ex, repairs and insurance expenses seem too low to me.

I'm a big reader and listen to many audio books, one of the books that I listen to was The Book on Investing in Real Estate with No (and Low) Money Down.

Hey @Brandon Blase Look into Low down payment stuff (203k loans - for rehabs, and FHA loans for normal purchases).

I know the repair costs will likely be north of $20,000, but it might help take the sting out of the low offer, and provide some justification.  

You can find all the contractors you need -- just go to Lows or Home Depot 5:30 in the morning and talk to the folks buying material for their next job - negotiate Charles 

(DO Ask for receipts if it's for material deposits.)Share competing bid information and "bid shop".Encourage bidders to get into a bidding war.Try to low-ball contractors.....they will try to cut corners or make it up with change orders a lot of times.And finally, DON'T assume that "All Contractors are Crooks" or that "All Contractors Will Rip You Off".  

On the other hand, purchase prices at these sales can be very low.

I own quite a few turn of the century multi-families up in Everett and yea, your 5% maintenance/capex/vacancy is low, especially if you don't plan on doing the work yourself.