@Christopher Telles  I checked out the mapping for the county the property is in using an online feature on their website.  

In 2 hours I had her on board to subdivide the property providing moderate income homes and handicap accessible units with a park and water feature for the little children to play!

This is one of my favorite features of Bigger Pockets especially for asking specific questions.

There is a nice BP group in the south bay and there are also REI meetups in the area, one of which is hosted by @Johnson H (for some reason the tag feature isn't working on my mac) and is usually held at Whisper's Cafe and Creperie in San Jose.  

But not really a big deal once I lease up the property and it establishes a track record, at a 10 cap, it could be worth $500-$650k.I closed a SFH giving the Seller a check for $5k and paying all the unpaid taxes and closing costs totaling about $13k for a real sales price of $23k, but again the sales data shows only $5k which really kills the comps in the area with houses priced from $50k (REO's) to $250k and most of the similar houses asking $150-250k.

But CAP rate is only around 7%.

Expenses (taxes, HOA, insurance) are $267/moI came up with a Cap of 8% (the bottom of where I am comfortable).If I had $80k in cash sitting around, I would jump on this deal, but as it stands we would have to either 1) buy in a self-directed IRA for a longterm investment or 2) cash out part of our IRA, take a tax hit now, but enjoy $600/mo extra income forever.

Do you think he put a cap on to access the shut off?  

I'll be wearing jeans and baseball-type cap with sunglasses - note my profile picture and look for someone like that only about 10 years older.Otherwise, I wouldn't be fully available until 1st week in Sept.

I'm just not sure what to install and/change about layout or design features (like spindles on a railing, or the front facade of the house, etc.) to make them look more updated.