I’m very familiar with the market the listing I’m considering is in.I’ve had my realtor walk the property and FaceTime me.I’m ready to proceed in making an offer on Xome.com but have never used an auction site before.

It's an old old building and we suspect this happened from pulling some knob and tube in the basement during the sale for insurance purposes.

You’ll need to sell some food, sandwiches, muffins, etc  too I would think....coolers, display cases/coolers, dishes, dishwashers, supplies, costs for labor, rent, utilities, insurance, licenses, permits, inspections, etc, etc.

We are on a shoestring right now, we have spent all of the money we are able to on necessary upgrades and furnishings etc, and given the tax/insurance/electric/gas/cable and wifi bills that are going to be due on the regular there isn't time or money to upgrade kitchen or furnishings, we were hoping that maybe we could accrue enough of a surplus that come spring we might tackle a kitchen reno or other such projects, but at this point I am not holding my breath.I will look at our prices compared to other similar properties, I had been under the impression that we were priced lower, however it seems I am mistaken given the feedback here.

Expect to foot 2500-3500 a year for annual membership, insurance training etc. 

And the desired one to invest in is "warrantable"....that means they keep good books, finances, insurance, aren't being sued, etc.Also, if you are looking for lending in Virginia then try posting to the Virginia forum as well. 

If you are new you might want to underwrite at a higher insurance cost unless you can use your property managers insurance. 

I am thinking of purchasing a $25k lot that i can fit for sure a small 4plex on in a city that is surrounded by heavy industrial plantsMy plan is building a 4 plex with 1 room, 1 restroom, small living room, tiny kitchen, and tiny utility room roughly 775 sqft a pieceI know for a fact i can get contractors in here rented out paid water and trash @ 950$ a month (possibly more if weekly and if i do all utilities)Why should i  OR should i not pull triggerRoughly 25k for lot + 200-250k to build  = a 225-275k loan @ 15 years @ 5.59% 275k loan 25% down1695 note paymentLets say 400 taxes 400 insurance (over estimating)2540 payment - 3800 rent = 1260 cash flow minus water and trash Basiclly 200-250 a door @ 15 years (trying to build equity fast)Im doing 15 years cuz i know i can walk in to my favorite bank and they’ll Loan this out to me fast basicly pre approvedNever done this before but already getting bids on contractors and this is what they told me roughly building cost wise (im more experienced in SFR’s)

For example on a house I'm looking atCost- $310,000- 4BR, 2Bath DuplexMortgage (based on RedFins calculator)-  $2,008 / month, which includes taxes and insurance. 

In addition to the mortgage, property taxes, and insurance, the projected calculations are taking the following expenses into consideration (5% rate for vacancy, 5% for repairs/maintenance, 5% for CapEx, and 10% for property management; otherwise the income figures would be higher.