The water flow was horrible and heaven forbid doing laundry and taking a shower at the same time.Thanks....and have marvelous weekend!

*Why* is it so horrible that the gross annual rents come out to a quarter of my optimal buying price? 

I would also add that the 2% rule doesn't work for super-low priced/renting properties.For example a 25K house in a war zone that rents for $500 is a horrible deal (in my area at least) even though it fits the 2% rule.

I have heard some horrible stories about rentals in Vegas.

Well, one, I'm not sure you'll get large enough limits to allow you to buy anything but a gut rehab in a horrible area.

And my comment history will show how horrible I think SD is for RE investing (even though I live here and think it's paradise. 

Ugh, horrible grammar!

That's all I do mostly, sometimes private sellers, but mostly REOs.Seeing that there are tenants in the property, I wouldn't assume the property is in horrible shape, but then again, people sometimes have no choice but to live in not so safe/clean/functional housing.

You can't tell the difference from the other walls, except for the drywall repair I did (it's not horrible, but it doesn't look like a pro did it).

But if this is the way he operates, I think it is horrible.