Using the BP tools rental property calculator and adding expenses for Vacancy and Capex,  at first blush this looks like a terrible investment with -109.85 monthly cash flow and -263.65% cash on cash ROI. 

Governments give lip service to the need for affordable housing and implement regulations that discourage it (like I said - not really here - but I hear tons of stories from elsewhere).

There is no 2 month look back in a loan audit, that's for origination and often, it can be 3 months, that is at the discretion of the underwriter, not the commissioned hottie red lips or sly studley trying to make loans! 

That would be lip syncing....

You certainly don't want the "ahh, ummm, ahh, ok ok ok, umm" pronunciation is important, don't want a lazy lips or slurs.

In old house like that, we typically remove aprox 12" strips of plaster with a reciorocating saw in the area where we want to drill holes through the studs to run new wiring, cut hole in other strategic areas as needed.We put 1/4 drywall over top of the existing plaster, typically the older houses have wide enough baseboard and trim that you still have a nice "lip" at the edge.Saves a LOT of plaster demo work, not to mention a lot the extra trim work.

Even if the preferred strategy is buy and hold using the 2% rule (you can take out your capital while still holding so your cash exits).At first blush the deals could be great.

@Victoria LorickSounds like an awesome deal at first blush.

You will be able to verify one thing with that prospect suspect - that the applicant is a liar ;)There's that song getting played on the radio "If your lips are moving, then you're lyin', lyin', lyin', babe" ...

your making me blush...