There will be nothing left over for cashflow and considering this is in a rough neighborhood those estimates should all be higher because these types of properties come with higher expenses. 

Here are the particulars....House retail market price:  66K (I think it may sell for 60K)Repairs:  15K maxOwner mortgage left: 36,500     interest: 5.00%Monthly payment: 826.00Est Rent: 900  (minus PM fee: 90, minus water: 50)  ~760 profitWhen working to make the deal I knew they had a monthly mortgage and had one year left (I assumed at worse 2 years.) 

I still think there are at least 1-2 solid appreciation cycles left in the near to mid term future.

 There are many different ways to create a business model I would definitely make sure I understand all the laws and regulations such as fair housing discrimination fair credit reporting act and local property code before you go down this path you may be creating a lot of extra work in a lot of potential lawsuits and litigation if you’re not versed on the laws that protect tenants  I would just ask yourself what the goal of the reason you’re doing that is if it’s to save a little bit money or not deal with an incompetent property management company then you may want to change companies before you go through all of this work just as a side bar of what you’re trying to do

I see this as a possible strategy to build a few homes, BUT I still have so much land left to utilize.

Plus I have zero debt and he has just a few student loans left.

Only sent out about 150 so far and around 8pm on a Saturday night i got a call from a executive "executive general realty" im guessing this is a realtor but i returned the call but didn't get a answer but i left a voicemail.

I figure 8%, but this is market dependent.Taxes are $93/month, according to Zillow.You've left out Insurance.You should also include Management (10%), even if you plan to self-manage in the begining.Will you be responsible for water/sewer?

May 9, please do not park in lot between 1-3pm; Any additional trip charges from gravel company will be charged to tenants responsible if cars are left in the lots.

I'm a little biased, but we left DMM a long time ago. 1%-2% response becomes harder and cost per lead is on the rise consistently.