I have found a foreclosed house, all brick 4 bedroom 1 bath.

Sometime you have to double check again and again.

That one reason why if you are wholesaling an REO, you will most likely have to double close.You can check out http://forums.biggerpockets.com/viewtopic.php?

I'm actually 21 years old and was renting from my grandmothers double.

For example, my property rents out for about $2.70/sq ft (small 560 sq ft two bedroom duplexes).

this is a 2 family house with big rooms, the only downside that the house is 77 years old, and the rooms are basically next to each other (to get to the 2nd bedroom you need to walkinto the first bedroom) but it was kept up well, cosmetically. 2 heating systems are installed, new roof, comps are great, highly traffic areaowner did a lot of renovating, by creating rooms and expanding and cleaning the atticbackyard, but never used or maitanined - attic was turned into a 2 bedroom - which I might be able to include with the upstairs unit if prefreabble. what other things do you need to determine if this is a great deal or not?

Maybe the assessment listed more bedrooms than you have or maybe you've knocked down the garage or removed the pool.

There are plans already approved and drawn out to add 2 extra bedrooms and 2 bathrooms.

It gets worse:Someone shot out bedroom window with BB gun and stole the copper out of the air conditioner unit.

2 or 3 bedrooms?