So we would anticipate turnover when the one-year lease ends.

Your timeline will likely be 25% longer than you anticipate and you need to have a good solid tax strategy to keep as much money as possible.Again, @Michael Pease know a thing about that!!!

With that, how much money do you have saved and how much of a mortgage are you anticipating?

There has been about $15k put into the property in the last few years, so most of the repairs needed have been done, meaning I don't anticipate anything major popping up, but I do have reserves to deal with that if need be.

I am listing a duplex and I anticipate the questions will be around rents for many people.Kind regards,Arpad

My initial generic and woefully inadequate definition of investor is 'someone or something that 'puts resources (financial or non-financial) "in play" (allocates resources) for an anticipated gain.'

Be conservative (i.e. avoid underestimating and if anything, anticipate higher costs) and present the numbers to the seller with your revised offer, explaining why your offer is that specific amount.  

I think Glen hits on the point as to what you're most comfortable with, and I personally don't anticipate Wilmington improving too much in the future.

The second reason is because what happens sometimes is they will get half way through the loan and closing cost will come back higher than anticipated and now the loan is dead.

Purchase price: $66kFinancing: Private lender (100% @ 4.25%) - P&I = $324Settlement Charges: $2763Anticipated repair costs: $5000-10000 (depending on how much I do myself)Anticipated rent: $1000-1200Thanks BP community for all your help in navigating this process.