So here's the combined numbers for both props on a monthly basis.Purchase Price For both Properties: $120,000Gross Income (both properties): $5,965Gross Effective Income (10% Vacancy rate): $5,368.50 Net Operating Expenses: $2741.31- Cable - $50 (it's gerry rigged)- Water - $435- Electricity - $450 (3 months during the summer its $800 a month)- Dumpster Fee - $185- Fire Insurance - $41- Property Mngmt - 7% (I will use professional management)- Taxes: $363.34- Maintenance: $800Net Operating Income: $2,627.19Capital Improvements: $25,000 (roof, foundation, paint, flooring)The owner combines all expenses for both properties because they are side by side.

I will continue to wholesale but after talking to a few asset based lenders and crowdfunding sources I thought I would just test the water an see once I have that funding weather it be saved money or lender money if I could find any potential partners.

ARV should be around 45K and should be able to easily rent for $90047XX N 30th St, California, Milwaukee, WI (PM for complete address)Built ~1905~1500 sq ft3bed,2bathHome has NEW Roof, Kitchen cabinets, sink, Stove, Refrigerator, Heating system, Water heater and 1 bathroom has new sink with vanity, toilet and shower the other has new toilet and sink with vanity also new exterior door.

Working on a offer on a small park. 19 owner occupied pads, with 30 storage units. 40 year old park, city sewer and water, 1 paved road.

I'm with @Jesse Waters - talk to your credit unions and smaller banks before assuming you can't buy another cash flowing property. 

@Jesse Waters and @Steve Vaughan Thanks for the response.

PIG-gy backing on Ben Leybovich's unfortunate flooding experience, I wanted to know what methods Puget Sound area investors use to help them evaluate flood risk on a buy-and-hold opportunity.Secondary question would are water-related red-flags for a property, and what are things that give you pause but can be worked with?

Regardless if you buy a house for 1k,  5k,  or 10k once you are done remodeling it, past due taxes,  water bills,  stolen electricity and what ever else might come up you are into these units for roughly 20k.  

Start off feeling the water before jumping in. =).

It has small stuff like water leakage at sink fixture handles, water leakage in sink drain pipe, water stain beneath sink.