I am changing the locks over on all of my units at each turnover.

List price: 445,000.DP: 89,000Closing: 8900Total Invest: 97,900Projected mortgage: 2500Rent: 1700 per unit, 3400 totalTaxes: 42Insur: 263CapEx: 100Repairs: 100Vacancy: 100Total expense: 3105Cash flow: 295, 3.1% - 6.0% CoC return. 

The good news is that there are plenty of investors who would be interested in the property as-is and even more investors interested if:- The property is in an area they are familiar with- The property is in a desirable area- You are deep into the eviction process (it seems as though you are)- You can deliver 1 unit/floor vacant (this could happen before closing)That said, if you can keep it, I'd say do it.

Our NTE for a single unit is $500 so if there was a $475 plumbing bill we knew was necessary for the property we would be paying it and you would see it in your monthly statement.

Mike - Yes, I would say it is best for properties 10 units and up, but the best I have found.   

Conventional financing is a great option to get started if you have a W2 job or easily verifiable income and you're financing a 1-4 unit property.

This criteria is for 1-4 and 5-8 unit programs.

I've been doing that strategy in Ohio to scale, but you need to live in one of the units. 

Very difficult area to be a landlord.Tenant base is lifer tenants. very tough on the housestheft is rampant you leave a home vacant for more than a few days and you HVAC AC unit will take a walkKids break in and trash them.YAZOO Clay screws up the foundations big time.And lastly with those homes they were built so cheap in many instances they are just functionally obsolete and take way more maintenance than other areas of the country.

A multi-unit property was purchased for $140k.