But SMS is low cost.  

Ultimately the true cost of acquisition and investment will need to be disclosed and assessed.

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.- Property Management:Managing properties remotely often requires hiring a property manager, adding to your costs.- Increased Travel and Communication:Regular visits and long-distance coordination can increase both time and expense.- Legal and Tax Complications:Navigating different state laws and tax regulations can be complex and confusing.Out-of-state investing can be a great way to grow your real estate portfolio, but weighing the benefits against the potential challenges is essential.

Even the cheap "cashflow" areas right now don't cashflow after real cap/ex costs, maybe on an excel sheet they do.

To keep things simple, I'm not accounting for the cost of capital (that is very personal and varies for everyone) and I'm not considering other exit strategies.

To negotiate, I leveraged the property's need for renovation as a key point, highlighting the costs and effort required to bring it up to market standards.

Check out FilePlace, where user-created forms are available for free.

It costs them nothing to fix it and you have a year warranty so you’re not getting a mechanical discount. 

Since we own the property, the only costs (hopefully) will be in converting the whole attic into a studio.