I would be okay but probably have to come out of pocket for repairs.So if that happened AND I lost my job for an extended period of time, it would probably hurt a lot.

Hello Bigger Pockets Network!

Use the bigger pockets calculator to make sure that you're buying a deal that makes sense.Get a contractor that you can trust to give you a rehab bid for the property. 

You can look into using a 1031 exchange to defer tax on your capital gains.I highly recommend the first 100 or so Bigger Pockets podcasts for ideas on possibilities for buy and hold, as well as getting a feel for what different people are doing.

Uh, you mean like bigger pockets?

So with a $400 k purchase price we had to come up with $120,000 and then out of pocket $30 k for the metering out of the electric.

My goal is to be paying <500/mo out of pocket worse case.

I am new to the Indianapolis area and equally new to Bigger Pockets and Real Estate Investment.

There are plenty of great areas in N Portland, Foster/Powell, there are great pockets east of 205.

I've been on bigger pockets for about a  year just studying and learning as much as I can.