I also mostly buy fixer uppers, but have excellent repair people and pay less than most for repairs and rehabs.

I am new to the phoenix Arizona area I just came across a deal and i'm wondering if the numbers add up the house has a mortgage on it that the sellers want to be paid off the area where the house is in a decent area they did some work on it they added an extra bedroom so instead of it being a 3br/2th its now a 4br/2th 1,400 sq foot with a lot size over 6000 sq ft the mortgage thats owed is 53k the house needs minimal repairs it really just needs to be updated they want are asking 102k free & clear and they want the mortgage of 53k to be paid off  total asking price including the mortgage price 155k is the total asking price houses in that area have sold for a wide variety of price range is my concern they range selling price is anywhere from 80k all the way up to 210k  properties withing the 1 mile range of the house have sold for 170k to 210k is this a good deal or should i try to go back and renegotiate the deal

You have to value your time - if you have the time to fix them up, then the deal is solid...if you don't have time to swing a hammer, slop some paint on, or replace a toilet, then you're better off going retail.One frustrating thing is there are many folks these days that are buying some of these run down homes  then attempting to rent them out or seller finance them on the condition that you make the repairs. 

I assume some portion of the plumbing / piping needs repaired so I'll say $6k to be safe.

My monthly expenses for the house including mortgage, 5% vacancy rate, 5% repair cost, water, taxes and insurance will be $2,400.

Doing extensive repairs is rolling the dice.

I walk the property with my general contractor to get a preliminary estimate for repairs.  

From there you wouldn't be as leveraged and could continue growing as you wish from there.A personal loan to secure rental property could work as well- but holds more risk as troubles could arise with flakey tenants or repairs to be done during the hold time. 

I would also look at what it would cost to do minor repairs to get you another 3-5 years, and compare that to what it would rent for.

We do have some carpenters however they are in short supply and hard to keep so if you know of any one who is a handyman or repair man or carpenter please invite them to join you and us.Again welcome and I look forward to seeing you on the 23rd of January.