Most banks will pay for your closing costs including mortgage tax, title insurance and appraisal.

@Dennis Rootes I also want to add that in Houston you’ll have flooding issues potentially but also in other parts of Texas you get a lot of hail and increased flood damage that makes your insurance more expensive.Just FYI 

I used the rental prices from Redfin ($995, $1050, $950, $1050) as well as the expenses like taxes, insurance, etc. 

@Nathan Ignatovskiy our normal fees run roughly:- esrow/title/taxes/etc: 1.85% of purchase- lender fees: 2.5% of purchase- insurance: 1.4% of purchase priceHope this helps. 

You can request the HOAs budget and financials to determine if it's reasonable or not.In addition to landscaping and pool, an HOA is also required to carry insurance on both the property and the board of directors' E&O insurance. 

Your insurance will also be a lot lower because you're only insuring the space between the walls.The downside is that if the association is bad, then the building could be left to fall apart, and then you'll have a huge assessment for major repairs when they can no longer be ignored. 

Now granted, I plumb and wire to code and since it was faster and easier to do it myself, I chose to do the electrical and plumbing.If you have the energy to do 30 in a year, you would make far, far more money with less taxes buying Subject To and selling to tenant buyers who give you 10% down and do the repairs themselves.

Not much plumbing or electrical expected.

Insurance claim on property restored roofing and all other damages associated with tree fall.

@David Ribardo and @Joe C jump in with any edits/comments you might have Purchase Price $149,900 (50K a door rule looks good) Three units total gross/month 2239 (1% rule looks good) Fixed expenses: Taxes 2517, Trash 1125 (375/unit in Allentown unless private collection deal previously arranged) Insurance: 703 Common Electric: 519Water/Sewer: 802Allentown Fee: 225 (75/unit/year) Variable Expenses:  Vacancy: 2239 (One months rent of each place, or 8.3%) Management: 1800 (50/door/month) CapEx/Maintenance: 3000 (1000/door) Total Operating Expenses: $12,930 Total Gross Income: $26,868Net Operating Income: Op Ex - Gross = $13,938 Divide your NOI by the cap rate your looking for and you have your offer price.