With all expenses such as PITI, vacancies, Cap Ex, repairs, and MISC will be around $3400.

With repairs... lets say $40k into it?

He also "bandaided" 6 of the other repairs.

The pages below do not discuss additional forms investors may want to include such as; disclosures, agreements after closing, personal property agreements, MLO paperwork, transfer documents, trust agreements, buyer/seller repair contracts, lien paperwork, closing checklists, addendums, seller brochures, power of attorneys, or additional title work needed, etc.AlabamaAlaskaArizonaArkansasCaliforniaColoradoConnecticutDelawareFloridaGeorgiaHawaiiIdahoIllinoisIndianaIowaKansasKentuckyLouisianaMaineMarylandMassachusettsMichiganMinnesotaMississippiMissouriMontanaNebraskaNevadaNew HampshireNew JerseyNew MexicoNew YorkNorth CarolinaNorth DakotaOhioOklahomaOregonPennsylvaniaRhode IslandSouth CarolinaSouth DakotaTennesseeTexasUtahVermontVirginiaWashingtonWest VirginiaWisconsinWyoming(The links above take you off this site.)Hope you find this info useful and helpful.

Make sure to factor increased turnover, high repairs and maintenance, and bad debt into your analysis.

So the property is paid off. but the entire policy 650k was not paid out completely and the property damage repairs have not been completed.

Perhaps you could have a real estate agent appraise it and give you an idea of what to expect if you sold it in its current condition and what you could get if you found a way to make the repairs.

You will likely also be dealing with tenants who will call you for every little thing rather than an A/B tenant who has no problem doing minor repairs themselves, because for them it's more of a home rather than a rental.

Pros for cash buying:• You can often get the property cheaper because you can close quicker than someone attempting to buy with traditional fundings• You can do a cash out re-fi if you fix the property up and get it rented so that you can leverage that money on a new dealCons:• Your repair costs may be more than anticipated • Your money is now locked up in a deal and you may lose money if the deal goes south• Doing a cash out re-fi may take a while to get doneCash buying is a great way to employ the BRRR (Buy, repair, rent, refinance) strategy that is often talked about here on BP.

Even if you house hack and do a FHA loan, $20k will cover the 3.5% down, closing costs, and any other expenses or repairs that pop up in the first few years.