Here are my observations based on the listing and drive-through:Selling price is 300k+ and estimated ARV is 600k+ as per seller (rapid equity building opportunity)current NOI is ~40k.

RE expense is not really given much weight.  

Hello Folks,First of all I want to thank the community & BP to bring together so many great resources for light-weight investors like myself.

When you factor in other obligations, your debt to income ratio at a personal level may affect your ability to make substantial or meaningful investments that rely on your personal credit.About real estate investment strategy, the margins on a rental business model can be thin at times (there may be a few exception to this), unless you invest in a market where that is being offset by rapid growth in the value of the property. 

The details of the credit report are more important to me and solid Landlord references carry even more weight.

I am looking for primarily a roofing contractor in Cedar Rapids.  

After that, everything should be clearly laid out for you in advance and you are given a chance to weight different options.Do you intend to invest locally or out of state for now?

2008, or 2009 - depending upon your official start time - and we're already seeing all the usual Markers - Business Bankruptcies are accelerating, tax collections are shrinking, the bond market is going bananas, rapidly shrinking Corporate Profits, and a slowing of new home sales.  

Nampa is experiencing rapid growth, as is Boise and the whole Treasure Valley.

It needs to sell for $490k after $70k of upgrades for me to lose 35% (equal weight on the downside).