Rates weren’t always the lowest out there, but the minimal hassle, and the ability to close quickly were always a huge bonus. 

And we give them bonuses that scale up after doing 2 leases in a month (a $200 bonus on the 3rd, $400 on the 4th, etc.)Anyway, something to keep in mind.  

Also, let the tenant know you must protect your rights, so you will be starting the eviction clock ticking.Out by a certain time, you get a bonus. 

So be generous.

.-----------$23,000 - SWAG at value of bonus depreciation if study is done. 

Bonus points if they already have a track record in real estate!

I assumed 2% tax rate (generous for TX)2. $500 insurance per house (again generous)3. repairs/ capex/ vacancy combined 8% of rents (again generous)4. $0 for management and utilitiesand I came up with 5.4%If all of the $27k the seller is telling you for operating expenses was for taxes, the tax rate would be 1.1% which means either the properties are overpriced by a lot or something is missing.

Make sure you put on CAPITAL LETTERS the added bonus of a private bathroom.

Septic is less of a problem, but city sewer is also a bonus. 

Better to be pleasantly surprised and get a bonus profit, than bid the other way guessing it is all ok and be $10,000 in the hole or more if you have to replace HVAC and fix plumbing issues.