That return improves when you buy below market value and that takes care of some of your concern about a market downturn.

I have worked some comps and it appears it could rent for $1200-1300 comfortably, but my main concern is that it has a $267 HOA attached to it that would eat directly from my profit.

If it was me, I would set up a seperate free email account, like mail.com, email him via the craigslist link, with my phone and first name and ask him to call me about the oppourtunityHe is probably just as concerned about craigslist spammers as you are, and doesn't put his name and phone in the ad

Be sure to read through The Ultimate Beginner's Guide to Real Estate Investing to help you get started.Also - here's a couple articles you might enjoy:The 21 Best Real Estate Investing Books Ever How to Rent Your House: The Definitive Step by Step GuideFinally -be sure to setup some keyword alerts - especially for "Dayton" so you can jump into local conversations.See you around the forums!

Decide what the place is worth to you and offer it.As far as the tenants are concerned, if the place is so horrible why don't they leave?

Incase you missed it browse the link to Ultimate Beginners Guide to real estate investing on BP http://www.biggerpockets.com/real-estate-investingYou have come to the right place and Atlanta provides you good value for your money.

@Ede JerminWelcome.Check out the Start Here page http://www.biggerpockets.com/starthereCheck out BiggerPockets Ultimate Beginner's Guide - A fantastic free book that walks through many of the key topics of real estate investing.Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice.

He also provided me with valuable information concerning different exit strategies.

Double digit cash on cash return is an excellent to way to start investing.Last comment is using 2% rule, a purchase price of $35,000 would give you even better results, having said that, it's not very easy to acquire.As far as rental income is concerned, I am not aware of local rentals.

One concern I have is that it has a hot water baseboard heating system compared to forced air.