Was the property in pretty bad shape, or was it fairly decent?

Ben, I would think it would be hard to use 10% for rehab costs as a rule of thumb because properties will be in a different kinds of shape.

We got this house for the low-20s and a similar house is currently listed in the low-80s.I hope that trend is continuing...we're just about to build our first new construction about a quarter mile from there, and our numbers are pretty close to yours so far.Though unfortunately, I have a feeling we'll spend as much time just trying to get permits as you spent on your entire project

My question is regarding a financing strategy for the 1st home, which will begin to shape future purchases.

We had a foreclosure in 2011, but are in the best financial shape we have ever been (except having a foreclosure on our credit) and have been renting for 2+ years.

Without running the numbers, I can tell you this: It will take a lot longer starting from now and 25K than starting from 5 years from now and 25K plus 200K from that extra income of 100K over your current 60K plus whatever else you are saving.I haven't seen statistics, but the overwhelming trend that I personally see is that *most* people making good money in real estate are people with high earning day jobs.

-Unemployment is decreasing 8.7%The criteria I used is pretty simple: RealtyTrac, Zillow and city-data.Do you have some proved searching technique (demographic trends)?

The past couple of years the parking lot seems to be getting emptier and emptier, and the complex as a whole just seems to be in bad shape (I live close, so I drive by occasionally).I would love to contact the owner, and let him/her/they know that I'm interested in the property, but my offer price would be nowhere near $2.8 million (I don't think it would be worth that if the property was running great).

I've always paid for a weekly pool service to make sure it stayed in decent shape so that's something else to budget for.

Roof seems to be in good shape with no dampness in the house.