Hard to imagine a house that doesn't need at least paint and carpet and maybe new appliances.

I just loved their term of "gingerbreading it" - just basically paint, carpet, some landscaping, flowerboxes, etc.

Perhaps others choose to use a 55% rule or a 45% rule or you who choose to use the 40% rule.

Look for signs of moisture from above- peeling or cracking ceiling paint (or worse!)

Added new paint every where.

I did an LLC online and choose from a menu based on what I wanted to spend.

. ($350)One is on social security and is disabled – other pays rent cashiers check ($275)Unit mix 2 x 2 bd/ 1 bth Here are the numbers:Price $26,000 (they will only accept cash) I can come up with about 10k in cash but would have to take a personal loan to cover the restGross Rent: $7,500 (100% occupancy consistently)Expenses –A) $1975 (owners claims with property mgt included)OR –B) $3000 (if I assume a 40% of rents =expenses) NOI:$5,525 (if use A expenses)OR$4.500 (if use B expenses)Even if I was to 100% LTV at a $26K price at approx 7.5% Annual Debt Service would be: $2340So Annual positive Cash Flow would be: $3185 (if expenses A – owner claims) (or $265 a month)OR $2160 (if expenses B – using 40% of gross rents) (or $180 a month)Repairs known (before property inspection) needs new exterior and interior paint (additional $1,500), Roof is approximately 10 years old The money seems small but consistentDuplex Located in Buffalo, New York There have been a lot of foreclosures in that area – some I can tell were investorsOn the plus side, these tenants don’t seem like they are going any where soon.

If the homeowner chooses not to present any other offers...............Mitch, you will notice that on most listings now in Porland that we change the listing to state "seller has already accepted an offer and is awaiting third party approval".

Unlikely the bank will let you choose the title company at this point.

The bathroom looked very "late '40s-early '50s" and there looked to be 3 coats of paint on the (I'm sure nice underneath) moulding.