In full disclosure it JUST STARTED for April collections, and I had to update my lease terms for all units... but it is there.

Hard to find any comps nearby because this place is a little unique to the neighborhood:Main House: ~2100 sq. ft. 2 Bedroom/ 2 Bath SFH w/ in-ground pool & hot tub, built in late '60sSomewhat dated but easily updated cosmetically & with new appliancesNice covered patio w/ built in outdoor kitchenAdditional ~ 400 sq. ft. 

It's also a backwards experience from regular jobs, in that the broker or manager doesn't really interview you, but share with you all the things they can do for you in the brokerage to make you a great agent, which is all total BS. 

If there is cleaning or repairs to be done, I will update my photos once everything is finished and before the next tenant occupies.With high-def video, many will record with video.

If the kitchen was just about ready for a fix up and you have a tenant who has lived there five years, then you will need to do some improvements before you can get market rent on the next turn over.This why I spend some time regularly looking at other ads on hotpads or Craigslist just to keep up on what’s out there.

Update: After an email convo with the title co, they prepared & sent us a Sub & Recon doc & also provided a notary.  

Once I buy one of these units I’ll keep you updated on how well the property Managment handles everything.

Both the seller and his agent know that the rents are ridiculously low and im positive all the tenants are expecting rent increases, I think increasing by $10/week every couple of months will ease the pain for them, I dont mind covering some of the mortgage for the first 6 months or so, even if the tenants decide they want to move, they will start looking at current rental rates in the area and they will be sadly disappointed and will most likely end up staying anyway especially if i entice them with updates on their units like newer flooring and appliances because some of the stuff is out dated. 

Bear in mind that a 203k property becomes eligible for the program because it would be otherwise uninsurable on a regular mortgage-- houses end up in HUD's possession for a reason, and they're often ugly ducklings. 

I have found a few properties that I am interested in but they need some updating.