I have one rental in Austin but as you said Austin is a bit pricey at the moment so I'm focusing my energy in Columbus.

Asking price: $42,500 eachRent : $600/monthUtilities: all paid by tenants (Electric, gas heat and water, sewer)Taxes: $600/year each unitInsurance: $600/ year per unitGross income: $21,600/yearExpenses: $3600Vacancy of 10% - $2,160

We are stepping into this and would need to assume infrastructure responsibilities to include: water, sewer, gas, electric, waste water management, impact fees and initial paving of public cul de sac.

I love guitars (I'm more into electric and amps) and I also obsessively look at houses and listen to the podcasts as well!

The owner is the largest tenant with 2,120 sq ft, another tenant has 1,606 sq ft, balance (3) are all less than 400 sq ft, vacant office of 350 sf. with the balance being common elements, corridors, stairways, elevators, bathrooms, kitchen, etc.Gross rental income per the listing agent is $108,660, expenses are $41,225 annual condo fee (CAM) which includes electric, water/sewer, janitorial and property management, the estimated new property taxes are $15,500, and insurance approx. $2000.All tenants' leases are 1 year and/or have less than 1 year remaining.The property was purchased by the seller in 2011 for $350,000.

The house needs everything: Roof, gutters, siding (asbestos shingles nailed over older cedar shingles), drainage abatement, rehabbed bath, total kitchen, replaced flooring (half), refinished flooring (other half), back steps, total landscape, HVAC (old furnace is missing), insulation (2" in attic; none elsewhere) additional electrical circuits, plumbing includes iron pipes, interior trim and paint.

Owner wants 80k but it needs a lot of work including new roof, all new electrical, some structural repairs and an update to kitchen and two baths.  

.): $1,500Paint (most rooms need paint): $1,000Roof Shingles: (may or may not need to do; roof missing a few shingles near gutter): $300Dryer Duct (missing a piece that connects from laundry room to outside, quick fix): $100Hot Water Heaters (electric) x 2: $2,000 (which is probably way high, but trying to be conservative).TOTAL ESTIMATED REHAB BUDGET (which is probably sky-high): $9,400ESTIMATED CLOSING COSTS: $5,000 all-inPROJECTED CASH-ON-CASH RETURNS: 14.91%=====================SECTION 8 PROGRAMI really need to educate myself on the Section 8 program. 

Its great to finally be able to find a place full of energy and excitement!

It also depends on the cost of the reno- electrical that needs fixing of course should always be fixed.