RENO will be $9,500.House in 2010 had new main service ran, A/C, hot water.

@John AdamkewitzWhen you add the following allowances & expenses:a) Vacanny - 8-10% of scheduled rent;b) Maintenance/CAPex - 10%c) Management - 7-10% (even if you are planning to manage yourself)d) Utilities - I know you say tenants pay utilities, does this include water & sewer?

I've found that so many people are on vacation now that a company often looks for Temporary work to cover the load and it can lead to full time.As far as Real Estate Investing, jump in the water's fine!

The pool of water took up half of the window sill.

There is no reserve allowance (roof, hot water tanks, appliances, HVAC, etc.), which (depending on system ages) could easily be $1,500/month.Overall, at full asking price, $900K with 25% down ($225K), 30 yr. amortization at 5% will cost about $3200 /month in interest.

There are plenty of shady roofing companies around, my personal favorite are the ones that chase storms and fix "hail damage"

A sale transfers ownership and a previous owner has no right to follow through with any suit for eviction, they may seek damages of amounts owed as a debt, you'll need to start from scratch.

You want a credit app and lease if you are going to allow it, but IMO it just strengthens their ability to pay and your ability to collect if they don't or you have to sue for damage.

When we removed it, water started coming up from the hole itself ...

The basement floods during heavy rains, and to fix it, water control companies have quoted him amounts he can’t pay.