I also make sure it is in good condition so I get a good tenant.

The fact that the bank is getting "shorted" does not effect the net effect of conveyance.In many cases the homeowner (borrower) has signed documents which attest to them leaving the property as a condition to the bank accepting the short amount of funds as full payment.

You have first hand knowledge of the properties that will come available plus their condition.

What was the condition before remodeling?

In fact, had you not used the water, TV or air conditioning, there wouldn't have been any additional charges."

Its kind of tough to believe there is not some other underlying problem driving the condition.

Just last Sunday I signed an agreement for a 2/1 14'x56' oldie (69 RitzCraft) that is in excellent condition with AC and Gas Furnace> The price was $2750.

Thanks everyone you all make great points.I believe she is milking the situation.A point I would need to clarify with social security is if in fact they would mail the check to the landlord since we are listed for back rent on the papers she submitted or the check would come to her??

Is it in good condition and has good tenants in place?

. / $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.