Redo the hardwoods throughout the main floor, paint the whole house, put on new doors, and replace all the light fixtures.

The temp lighting is up and the house is down to its framework at this time.With that being said I've ran some numbers in my area and considering the prolonged timing I've seen this house go untouched I thought, "what the heck, I'll hunt down the owner."

A little "heads up" here . . . you won't mind much general anti-landlord nature to our community.Legally speaking based on the information provided the answer seems to be "no." 

Can anyone local or who is familiar with this area shed some light on this?

I've worked with investors with hundreds of units that have used 3rd party managers from day one, and probably couldn't change a light bulb by themselves.

How they actually manifest themselves depends on the nature of the downturn.

The biggest reason we have not offered a fund, is the competitive nature of the market we are in doesn’t allow us to purchase a lot of assets, unless we are aggressive.

Thank you all in advance for those “lessons learned.”David - I never purchase the land until I get all of the entitlements and permits and hi Ty the purchase price of the land to the density granted so if you get less than you’re looking for you can reduce the purchase price.Also I begin with the end game in mind and make sure that I have Builders lined up ready to take down the lights when I’m finished so I know what my profit is in advance.If I’m building the houses and developing the land I make sure the market can absorb the inventory at the price point I am projecting and I work everything backwards from there. 

I’d love to do a light rehab or purchase 1% deals I want to buy anything from 2-12 units.

Two dishwashers, some lights, screen enclosures, some inoperable cooktop units etcMy Estimates (note that the market CAP is 7-8%):- WORST case scenario for rents ($1225), occupancy rate (88%) and high repair costs ($75K): 2.3% CoCr and 5.1% CAP - BEST case scenario for rents ($1300), occupancy rate (95%) and low repair costs ($20K): 7.6% CoCr and 6.6% CAP rateEven though I strongly expect the numbers to look closer to the best case scenario above, considering my out of pocket expenses are going up with all of the repairs and also that the stock market is tanking right now and money is becoming scarce, I'm not so sure about this deal.