What are the rents and expenses, taxes, dwelling insurance... what "should" the rents be, have comps printed out, can the taxes be challenged, etc...

I appreciate you Memphis guys engaging on the topic.

I haven't been challenged on it though.

Challenged tax assessments. 2.

. / $4,166.67Annual debt service “DS”Revenues:Monthly AnnuallyRental Income$935$11,220.00 (RI)Vacancy @ 8% ($74.80)($897.60)Net Rental Income $860.20$10,322.40 NRI)Operating Expenses:Property Tax- 1800 (this is being challenged currently, but no ruling at this time)Insurance- 1000 (estimate, I will get a quote on this for sure.)Maintenance- 1200 (Estimate)Utilities- 800 (Estimate)Advertising- 100 (Estimate)Total Operating Expenses (*Very Estimated*) = $4900 (TOE)Net Operating IncomeNRI-TOE= NOI$10,322.40-$4900= $5422.50 (NOI)Total Cash FlowNOI- DS= TCF$5.422.40-$4,166.67= $1,255.73Return on InvestmentTCF/ TCO= ROI$1,255.73/ $5,000= .2511 (25.11%)Cash on Cash (Considering- Down Payment, Upfront Repairs, Closing Costs)TCF/ TCO (W/repairs and closing costs)$1,255.73/ $6,500 ($5,000 DP + $0 Initial Repairs + $1,500 Closing Cost) = .1923 (19.23%)My thoughts regarding this deal: I think the asking price is a little high for the property considering it’s age, condition (off of visual inspection from the street level only), location, what limited comps I could find.

However, I enjoy a fun challenge.

You have have cited a few challenges but what you need to do is set a plan in place to overcome them.

The opportunities for education and improvement are literally never-ending, with constant opportunity for challenge and triumph.

And your lack of transportation will make both finding and managing this property a real challenge.

During the conference call each member has 15 minutes to go over their goals and report to the group their successes, challenges and ask for suggestions.