r2d246 that is the same guy I had to deal with at walmart except with the dil%^ part and sticking it.

I was thinking flat for all the walls except for the bathrooms and kitchen.

Almost without exception, you will not have a positive cash flow when you buy a rental at retail.

Regardless of what the "rule" says there are myriad exceptions.

The CMA's, based on the comps, say the house can be sold for around 75K (except for one that came in way low, which I think was prepared wrong), but I don't think I can get more than 69K for it and may likely sell for 62K to make a fast sale

Nothing new, except for the fact that my already haunted property was in the background with police tape around it.

There's no way I touch any 16% money (except as a lender) even on a good deal.

This is not a repair or a capital expense that will be absorbed in the 50% expense number, except over the EXTREME long term.

Capitalization rate factors in ALL expenses except the mortgage payment.

But here's what I have right now....Asking price: $49,000Comps: $100-110kmonthly gross income: $1050needs new shinglesowner says the building needs "updating" (the outside looks fine to me).key points-rents are currently 20% below markettennants pay all utilities except water and sewerbuilding has electric baseboard heattennants currently have free washer/dryer use (this would change quickly if I purchased, and would provide increased income)I know the first thing I have to do is determine how much updating needs to be done.