A 4 or 5 br house would probably fit the bill.I see the property taxes in Texas are high, but how are they determined?

I'm not interested in "snapshots" of ideal situations, and these low-income, low-value properties are rarely ideal.

As I am certain you know, there are many factors involved and I would have to believe that a market strategy would be relative to the particular place in the market where the home fits.

Not ideal... but if it were me, I would insist that the price be adjusted accordingly.

This sounds expensive to me.If you have to replace the outlets and covers in a kitchen you might have 10 bucks in cost and it certainly doesn't take 2 hours.You put a reader in the plug and hit breakers if not marked until it shows no power.Then you simply find the disconnected plug and replace.All of them should not have to be replaced.Now if they replaced some breakers on the service panel 130 is not bad because depending on the panel just one breaker can cost up to 15 bucks a shot.You want to use the same brand breaker when replacing on the panel.If you use and off brand or try to make on fit and then and arc or fire happens insurance will not cover you or pay the claim ."

TrevorIn Ohio, I would buy it on land contract and then either assigned my interest or keep the land contract and rented out or lease to own the propertyOhio has great land contract lawsIf you sell on land contract as a seller, you do not have to go through foreclosure if the vendee does not pay you, you can actually fit in landlord-tenant court if the vendee has paid less than 20% into the contract and/or been in the property under five yearsOhio has come under greater scrutiny with assigning contractsYou're better off getting on title first with either subject to, land contract, or some kind of wraparound mortgage\installment saleI hope that helps

I agree with Ryan,I deal in lower income areas and my cream of the crop are 2/1.. mostly single mothers, 1 or 2 kids, the 2/1 work perfect.

I deal with situations like yours on a daily basis.

Why is refinancing from FHA into conventional not a ideal situation?

Dan I would just look at how many hours and money you will need to put into this deal and what is the return versus working on other deals.I fit is a difficult deal but I make a lot I might take it on.I fit is a difficult deal with close to or the same margins as easier deals I might pass on it.I second talking to a probate attorney.You need to know for your state what the options are.Probate properties can be a nightmare when the heirs want different things or disagree on the value of the property.