If not, you can see what I do below and create your own analysis.

When we looked in, the floor was gone ... you could see the ground below.

I buy below market with great cash flow.

Add up two years plus interest and fees and yes easily 10k in back taxes.Interested shouldn't be lower than 3%.

Joe O I read the forbes article and it is good to hear some optimistic statistics. "...When adjusted for inflation and compared to the market’s pre-bubble 1998 performance, Las Vegas home prices are — despite double-digit percent gains over the past year — still 20% below their pre-bubble healthy market norm....."

You can google "indiana real estate purchase agreement" you'll find pages that come up with some, below is one off of a local realtors association website.http://www.sira.org/PDF-Forms/SIRA%20Sales%20Forms%202009/Purchase%20Agreement_08042011.pdfIf you are going after REOs then you would submit your purchase agreement to the realtor that is listing the property and they will forward it to the bank just like with a traditional MLS seller.

One of the properties I ran cashflows on seems initially attractive -- 12.6% cap rate (and 28.9% CCR assuming 75 LTV / 30yr fixed rate loan / 6.0% interest, 50% expense ratio, and assumed rent 12% below rentometer.com's median rent for the area in which the fourplex is located (monthly assumed rent is 2.11% of purchase price)).Though my projected return ratios are attractive (12.6% and 28.9%) on this property, I'm not sure if the magnitude of the return is large enough.

Right now, we own 3 SFR in Portland, one is cashflowing , one is rented below market (family member) but will cashflow at market.

Could be you only need to replace the filter.

BTW, I ABSOLUTELY WOULD NOT tie up the property in contract if I am unable to get the seller to agree to a well below market price that would be attractive to an investor.