Estimate the damage and invoice the tenants for this.

I would use 10% as an estimate for your analysis

quick details on the house:2 bed1 bath1300 sqft, full basement2 car detached garage$13500 purchase price$2500 repair estimate$450-500 estimated rentThanks for the input

I would estimate that help could be as high as $100k, but we haven't talked numbers.

It looks like the cashflow is too skinny and over estimated.

Schedule classes for Tues/Thurs and work M/W/F (even SAT, too, if you can)...The you graduate with a degree PLUS a year or two (or more) of accumulated experience (piecing together 3-4 full time summers + 20-30 hours a week during the school year)...Best of luck!

I also believe in having the rainy day fund accumulate for the eventual repairs and larger lifecycle replacements. 

My rough estimate is that it will take around $60,000 to make the house right.The one thing this house has going for it is that it is in a very good location where there is a shortage of homes for sale.   

Better option would be for you at this point to get a concession in closing from seller for an amount given by a plumber as estimated cost of repair so that you can fix it yourself (have it fixed), so that you are in control of the work that is done and know it's done right to your satisfaction and isn't just another patch job to get the property off sellers hands and into yours for the least amount of effort and cost possible (this does happen often).Simple question with not so simple answer, sorry about that but hope that helps cover the bases.

For example, I've found a property that is distressed, and has an estimated ARV of 270K (3 family).