I am very interested in utilizing real estate as a means to grow both personally and professionally.

My utilities also averaged <$100 per month over the same time since I face the cold trade winds side.

Then when that job goes away the high lifestyle debts still remain.This is why sports figures about 80% of them file bankruptcy within the first year of retiring.

You could consider going to the neighboring parcel (assuming the new house is built on it) and selling either the lien so they can foreclose on it or the tax deed, if you foreclose.They may want a bigger yard.I've also seen where those small "useless" lots were actually necessary for utilities, easements, etc and the builder/HOA won't want to see those lost.Jeff Tax Title Services, Inc - The Quiet Title Alternative

I'd get verification of the income they do have; they still need money to live and eat, and may have to pay for part of the rent and utilities.  

There are predatory sales tactics, predatory insurance practices, construction, real estate, student recruiting, finance, professional sports, all kinds of industries can have predatory practices, even in legal professions.You may not find a statute heading of "Predatory Dealing" you can find plenty of statutes that deal with predatory dealing type matters. :)   

It looks like there won't be much need of repair -- I estimate $5000 at most.All the utilities are split out for the 3 units, except for water, which is $200/quarter.If I estimate 10% Vacancy, 10% repairs and maintenance, 5% capital expenditures, and 10% property management fees (I will mange it myself), I get NOI $11,362, cashflow -$212, CoC return of -3%I believe it's in a good location/neighborhood, one that I wouldn't mind living in, and it's close to Newark Airport.I would really appreciate your thoughts.

@Anthony @Anthony NewboldYou agent is incorrect if you are talking about an inspection with the utilities on.

Expenses are low because tenants pay their own utilities except for water and trash.

The verbal agreement was that my roommate would pay half of rent and utilities.