The monthly cost is kept low and is a workable system.

getting this at $80k would be a steal of a deal so unless the seller has some me serious motivation for accepting such a low offer, they are better served listing it with an agent and not going the FSBO route.In this competitive market, good luck finding deals at 70% less repairs, less your wholesale fee.

As another member stated, you'll lose your prop 13 status and that super low tax bill will show up this coming November with the decimal place moved to the right one column. 

Buy and hold rentals are a very safe, low risk way to grow your wealth.

There is no appraiser looking over the deal saying that rents are too low for the purchase price.

I have bought Tax liens for as low as $1200 that I have gotten a deed to.I also bought a house for $200 last week.

Once there, they turn up the heat with very polished and professional "motivational speakers" who know how to work a crowd. 

From there we also discovered Afford Anything and the BP podcasts, where we realized that we wanted to go the real estate route, while still investing in low cost index funds on the side.  

It currently has heat only( original 50s gas furnace).

You don't have much equity in the property but the acquisition cost is low and it cash flows immediately.