It just seems more probable to find deals like that in the Midwest in comparison to even our more affordable areas here in the Greater Seattle Area like Everett and Tacoma.In terms of the House Hacking, I don't think that'll be a possibility for us for the same reason as yours :) I think the closest we could get to house hacking is building a Detached Accessory Unit/Mother-In-Law Suite in our backyard, which we could rent out for about $1000 to $1200 (Our neighbor has one and he's renting it out for that much).Lastly, I do agree that a partnership would be the best route and I'm very open to that idea.

I could easily spend $20k just outside on the pool, fencing, and landscaping that he's let get overgrown and run down. 

I bought a house that has the front yard and about two feet of the front of the house in one Town and the rest of the house and the entire backyard in another Town. 

How big of a pool of inspectors are there in your area ?

Nice back yard.

Now where I'll disagree with David is that he says it's always better to buy in your own backyard so you have full control, but the numbers just don't make sense near San Diego so I'm forced out of state.Hope this helps!

Just heard on a podcast today, one guy's strategy specifically at or near the bottom of the market is to basically over-rehab to make sure his property really stands out to prospective buyers, recognizing he is probably drawing from a smaller pool of retail buyers at that time. 

A mortgage of that size would equate to a 45k+ annual salary which severely limits your pool of buyers.

(Fyi, none of the below comps have pools).Comp 1: 2/1 1000 sq ft 1956 low to mid grade home in decent shape 4 DOM $210Comp 2: 2/1 900 sq ft 1956 low grade bathroom, great curb appeal, new appliances DOM unk $180 Comp 3: 3/2 1200 sq ft 1957 **distressed property** 30 DOM $180Located a few blocks away:Comp 4: 3/1 1700 sq ft 1925 very low grade, a little bit run down. 90 DOM $250The only other properties are across a very major street all going for about $320 for 2 and 3 bedroom homes with and without pools.

On thing that troubles me is all the local property managers who are slamming Morris, yet all this has been happening in their own back yards for years.