The only way I can sustain a competitive business that is insured, bonded and licensed with foreclosure/investor grade work is volume.

My utilities also averaged <$100 per month over the same time since I face the cold trade winds side.

Your 12-16K nest egg might not be enough to sustain you in the first few years.

You could consider going to the neighboring parcel (assuming the new house is built on it) and selling either the lien so they can foreclose on it or the tax deed, if you foreclose.They may want a bigger yard.I've also seen where those small "useless" lots were actually necessary for utilities, easements, etc and the builder/HOA won't want to see those lost.Jeff Tax Title Services, Inc - The Quiet Title Alternative

I'd get verification of the income they do have; they still need money to live and eat, and may have to pay for part of the rent and utilities.  

From there we get Economic Concepts, Demand, Utility, Scarcity and Transferability Then we have Legal Concepts of real property.

It looks like there won't be much need of repair -- I estimate $5000 at most.All the utilities are split out for the 3 units, except for water, which is $200/quarter.If I estimate 10% Vacancy, 10% repairs and maintenance, 5% capital expenditures, and 10% property management fees (I will mange it myself), I get NOI $11,362, cashflow -$212, CoC return of -3%I believe it's in a good location/neighborhood, one that I wouldn't mind living in, and it's close to Newark Airport.I would really appreciate your thoughts.

@Anthony @Anthony NewboldYou agent is incorrect if you are talking about an inspection with the utilities on.

It might seem difficult but it sure provides sustainability and is perfect for those who aren’t looking to get rich quick but to instead create wealth.I know the longer you wait, the more you feel like you’re missing the boat—but rest assured, you don’t have to be in now to make profits later.

Expenses are low because tenants pay their own utilities except for water and trash.