It appears the units are below market, however with some cosmetic repairs and perhaps some capex's I feel I could increase the rent by at minimum (based on local comps) 68%.I would offer 85% of list and estimated $20,000 in repairs/upgrades (this is probably a generous estimate - the property appears to be in good shape, basically needs a face lift).With all these figures, including the 50% rule, financing with 20% down @ 3.5%, I come out to a profit of $262 per unit and a cash-on-cash return of 9.53%.So, does this seems reasonable?

I use the phone call to figure out how motivated the seller is and the general condition of the house, and what their asking price is if they have one in mind.But the main thing I want to do in that initial call is set an appointment to meet the seller.

@Jazz Wilson make the closing conditional on the property being vacated, otherwise you will have lots of trouble, especially if they are family and or not want to move.

I am sure the seller would lie to you about the condition too!  

Are they really littering if you monitor their condition and take them down when you are done?  

Increase the term of your loan.  

I've inadvertantly made a solicitation post before reading all the terms and conditions.

Yes there is rent increase but only to the extent of what is reasonable with your competition.

Expecting to make 65K my first year, and looking to see what I can do to increase my net worth.

I am a business owner from Grand Rapids, MI with ~100 employees, and I have read several Robert Kiyossaki books, (increase your financial IQ, Cash flow Quadrant, Loopholes of Real estate and a couple more)  I am just recently diving in head first on real estate investing.