Below is a screenshot of the model results but see below for a break out of the assumptions:Purchase price = List price (room for negotiation)Closing Costs = Estimate from lenderDown Payment = requirement from lender @ 25%Interest rate = rate offered on a two unit rental from lender Total rents/Month = current rents in place (room to raise based on market) Property taxes, Insurance, Water/Sewer, Trash removal = all reflect actual amounts paid by current ownerVacancy rate = 10% of gross rent Cap Ex = 5% of gross rentMaintenance & Repairs = 5% of gross rentMonthly free cash flow = $155Total ROI = 7.14%My question is simple, do you think this is a good deal?

Understand the difference in fee simple vs leasehold as that can be common in areas there.

Even if it seems silly, just having a simple contract will be good because everyone has fuzzy memories after a while.  

There is a lot more I’m sure you could go in depth with Buford to keep it short and simple with 2 pain points.

You'd need some simple framing, drywall, flooring and a bathroom-assuming the house was set up for one when it was built.

That's just one example but it's very simple and accessible to anyone.

@Eric StifflerThere is no simple answer to your question and, more importantly, no consensus.As you have seen from the non-CPA replies, all investors are indignant that they are entitled to such deductions because "it is business."

I'll give you a local, simple example.

Could also be something as simple as downspout extension and grading of the yard. 

My personal one was more simple as it didn't require the Docusign component.