I'm currently scouting for one or two properties in the Denver area (looking in Arvada, Westminster, Northglenn, Broomfield, and Thornton).I'm not a full-time real estate guy, and I'm building my portfolio slowly.

It will need septic, and furnace work as well as TSP scrubbing all the walls, paint, flooring, and the kitchen is in dire need of gutting and replacement, and the bathroom could use a gutting too.

Hey Bryan K,As a full time real estate agent, I have dabbled in property management ... but I find that I am WAY too nice ... and it eats up time I need to devote to my real estate sales business.Totally wild that you mentioned John Stiles, by the way - I've already been in touch with him!  

Here are the numbers and estimates so far: Property Type: Two-family, side by side, 3 bed / 1 bath each (vacant)Location: Honesdale, PA Ask Price: $77,000Buy Price: $70,000Closing Costs: $3,341.45Estimated renovation costs: $25,000ARV: $120,000Taxes: $1,840Water: $1,200Sewer: $1,140Maintenance: $500Insurance: $1,611Miscellaneous: $600Rent: $750 / $900 (tenants pay for gas & electric)My plan is to put in new bathrooms & kitchens and clean up the rest of the areas.

One year of solid on time rent payments may be worth considering vice several years of will they pay on time.  

We ended up doing about $5,000 worth of upgrades (all new backyard fence (and the backyard was huge), kitchen backsplash, etc.)What caught me off guard more than anything was the utility bills, on going lawn care, open house and "realtor love" expense, a few staging items, etc.  

1. bathroom bath/shower works, but looks terrible.. 2. the kitchen is 1990 so appliances are tired.3.

I had a neighbor remodel a kitchen in Lake Tahoe and they brought in a Mennonite crew from somewhere in NV to do the work.

I'm putting in a very nice kitchen for the area.  

-Every single cabinet (bathroom, kitchen) is banged/scraped around the edges and the insides are discolored or deteriorating because they obviously put wet things in them.