This gave us a good idea as to the condition of the home.

Depending on the condition and location you can easily bring the 1600 you mention.

Close to 465. 1100 sq ft.House was in rent ready condition and needed nothing with new carpet, new paint, updated kitchen, roof only 3 years old etc.Purchase price $51000Down payment at 25 percent $1275030 yr fixed at 4.75 percentTaxes 1020 a yearInsurance 560 a year.Rent $800 a month50 percent rule $400 NOIP/I  $200Cash flow- $200 a monthAny opinions?

At move-in I use a two column inspection report (move-in & move-out) and note the conditions at move-in.Tenant and LL sign and date.Come move-out, drag out the inspection report and walk/inspect with the tenant, again both sign & date.Get the new address to mail the "deposit refund" (don't even have check book with you).Here in Calif, we must respond on or before 21 days after move-out with an itemized repair list and the residual deposit being refunded.

Just an update here - I agreed to paying $1,000 per month beginning April 1, on the condition that the landlord give me a $600 rent reduction for this month.

I'm sure most investors were scared off by the condition.  

You negotiate the terms and conditions of the purchase, pay for it, close, get your keys.

The condition/composition of your road will also be a factor in this.  

If you have doubts about the appraisal, interview a couple listing agents and get their opinions on value and market conditions.

Hello BP members,I'm a fairly new investor.I have one sfh.I bought cash here in Hudson valley NY.I rehabbed myself and am now renting it out,tenants are on their second year lease,things are fairly well,very good cash flow since I own free and clear.Im ready to move ahead.i have so many questions but will ask one for fear of confusing everyone.So I hear and read constantly that hard money is an option ( or heloc or he,loan)My aim is to buy at least two sfhs at once and rehab and hold.I hear hard money lenders will allow you to spread the down payments on each also supply rehab funding etc.After all is complete I understand the next step to be rate and term refi.My confusion is will it justify doing so even though a conventional lender will ask for down payments and closing costs for each home separately when trying to refi the homes now that they are in good condition?