It has brand new windows and sliding glass door.

@Justin Glass Keep it, I'll bring my 12 gauge and do some hunting!  

Im a glass half full kindof person so I wanted to lean toward "maybe that just means opportunity?"

Current as-built drawings, plans & specificationsDescriptions of buildings, physical aspects and systemsSite Plan (with dimensions and identifying tenants and vacant locationsPhase I and if applicable Phase II environmental site assessmentProperty Condition ReportStatus of ADA compliance (including ADA plans)Warranties (HVAC, roof, insulated glass, etc.)Existing exterior, interior, and aerial photographs of PropertyFloor plans with tenant location (CADD/PDF files)Any and all Leases and Tenant correspondenceAny and all Service ContractsGeneral Ledger for the past 3 yearsThree year history of delinquency and bad debtMost recent detailed billing statement for all TenantsTenant ledgers for previous calendar year & YTDCertified Updated Rent Roll and Certified A/R ScheduleList of security deposits and prepaid rentLeasing update (pending deals, LOIs, renewals, lease-up projections)Future Tenant improvements and leasing commission obligationsThree year history of tenant improvements and leasing commissionsCurrent year detailed operating budgetYTD budget vs. actual analysis for current year & 2 prior yearsThree years of operating statements (revenues & expense) historyCapital items/budget forecast (3-year projection)Three year history of capital expendituresProperty Tax bill for current year and previous 3 yearsCurrent Insurance CoverageThree year history of insurance claims and incidentsTenant’s sales volumes for at least 3 yearsThree year occupancy historyExisting appraisal report(s)Confirmation of ZoningCertificate of occupancy/use permitsStatus of pending litigation and/or threatened condemnationMost recent title insurance policyMost recent as-built surveyCAM Reconciliation for prior 3 years

If you are talking Single Family homes in SE Michigan, not Detroit with a value of 50K to 300K with replacement cost being $110/sq ft,  built post-WWII,600-1100/yr. thats a sliding scale based size, value.Of course that number reduces with volume.

Don't let tenants slide.

You want to start off on the right foot, and if the previous owner had let something or things slide, you want to take care of those.

Usually do a sliding scale from 7-12% depending on the class, location, and # of units and how close together they are.

Purchase price: $135,000 Cash invested: $35,080 Sale price: $230,000 During this rehab we replaced the central a/c, created a Master Bedroom with an enclosure to the Great Room, changed all lighting fixtures, replaced all broken glass, painted full interior, fixed all issues with wiring, countertops, backsplashes, appliances, sinks, faucets, vanities, as well as floating laminate wood throughout except for the Laundry Room, Kitchen, & Bathrooms.

It eventually hit a glass ceiling and I was getting burned out.