There is also currently a new 4 BR septic being installed, and there is also an in-law apartment downstairs.I estimated repairs at $20,000 by experience I've had in the past doing construction and home improvement and I can also probably do 90% of the work myself unless there are plumbing,electrical, foundation or other major issues beyond my skill set.I used zillow's comp tool to give me an estimate of what the house is worth and zillow says $365,933, which seems a bit crazy to me but who knows.

@Grace BarrSounds like a good plan.I have a second home that’s free and clear.I am considering a similar offer.I think it will also allow me to get a higher price and offset my capital gain over time.I may try to push the down payment a little higher to pay off another rental property to improve cash flow on 2 sides

Something that i can easily access when needed and take notes from.

Access? 

Do you have MLS access and can you find comparable sales?

Will Neptune see any uplift from improving Asbury Park?

.#2, if the area is improving like you said, then even if you're breaking even, it makes sense to keep it and rent it.#3, if other, smaller units are selling in a week at $125K, see if you can market yours for $135K-$140K.

Little improvements over a long time is compounded returns on your investment into the knowledge.

I also when its someone new .. will google street view.. get the person answering the phone to describe what her office location looks like  or I will say hey is that a McDonalds across the street from you when I know its a burger king.. then the other thing I will do is make them recite some information on the hud that a scammer would not have access to.you simply cant be too careful.. millions of dollars a day are being lost in this manner. 

Compare the profits from flipping (accessing the equity) that you could have right now, to your monthly CF (total).How long would it take your cash flow to equal your equity?