Many first time flippers look at the potential profits of the flip without accurately reflecting the amount of closings costs when they sell. 

A few times, I asked for the numbers and found the landlords were using old numbers for income and may not be reflecting that price per bedroom has decreased recently.Anyway - I think there could be good deals out there and I have no reservations of owning a student house in that area but just be careful you are not sold a cap rate or cash on cash return projection that the seller cannot prove with existing leases.

Whether I purchase the property or you do, we will likely encounter the same capex costs, so in my opinion it needs to considered as an above the line expense and reflected in the NOI, since that is the main driver in price.Now whether the seller will agree with you is another matter entirely

Any loans you have that you're paying down will reflect in your net worth each time you make a payment.

I renovated my unit to reflect a millennial, modern taste, and everyone who has seen my apartment really loves it.

Does the price reflect that condition?

The prices reflect condition, the  rehab costs have been manageable, and the ARV's that I have come up with are on par with the market, i think. 

I'll obviously get an inspection of the place and will add a contingency to my contract to reflect the passing of an inspection.Also, I'm getting the price down to $120k to add more room for error.

@Julian H.In reality, the costs of the utilities (in this case water) are reflected in the rent. 

Does the extra $100/mo TRULY reflect the added labor cost in a higher priced area?