The answers above are good IF all nearby similar sized units require the tenant to pay heat.

I'm thankful he left when we told him to, the worst thing I think (besides not mowing the lawn for the 5 months he was there, and leaving piles of garbage) would be this: a huge industrial sized eye bolt used as the center support for the drapes, not sure if he was hanging iron curtains or what.

This is the towns lower income area and I am projecting to still be one of the cheaper normal sized 2bd 1bths around after updating.

I think it's also worth noting the size of the office you work in.

In our experience, and all we do is market teardowns and land-valued property, the best way to determine value is to work backwards.What will the lot permit in terms of new construction (per local zoning, set-backs, size (FAR) etc.)What will the lot support in terms of new construction i.e. will the market value of the new construction be inline with the existing real estate values in the neighborhoodDivide by around 2.6 That's a back of the envelope way to calculate the value of a redevelopment opportunity......

TD Bank writes just about any sized loan.

Here are the details:Beds: 3 BedBaths: 2 Full BathHouse Size: 1,634 Sq FtProperty Type: Single Family HomeYear Built: 1964List Price: $39,500 Plan going in - #1 - Buy & Hold #2 - Resell for profit #3 - Lease option FARV (Fast Sell After Repair Value) $110,000 Going to offer $25,000, looking to get it for $30,000 Estimating $40,000 in repairs (roof, siding, HVAC etc)Total project cost $70,000Down payment $21,000 (30%) Expected Rents $900 (Based on numbers from Zilpsy, Rentometer, Zillow and test Craigslist ads) Breakdown of monthly expenses - Total operating expenses: $380.00 Mortgage expenses: $278.22 Repairs: $90.00 CapEx: $90.00 Insurance: $60.00 Management: $90.00 Monthly P&I: $278.22 Property Taxes: $50.00 Total Monthly Income:$900.00 x50% for Expenses: $450.00 Monthly Payment/Interest Payment: $278.22 Total Monthly Cashflow using 50% Rule: $171.78 Looks like almost a 9% Cap Rate, and 12% ROI.

First its all in teh list and the more targeted the list the better the results.So a list that targets all home owners is going to not do as well as a list that might target something specific like:Out of State Owners - where you might get people who have moved away or inherited a house they don't want or burned out landlordsUnpaid Taxes - where people are in financial difficulty and going to loose their house to unpaid taxesOwned for a Long Time - where the people might own free and clear orHigh Equity Owners - again free and clearOr even other lists that you might build yourself -Expired MLS LIstings - people who want to sell but did notNOD - people who are have received a notice of defaultLate Pays - people late on their mortgageGarage & Estate Sales - people moving out of their houseAs for a good letter, I have recently used a yellow letter company for a simple I want to buy your house and they make a "handwritten" letter on legal pad paper, fold it weird to put in a thank you card size envelope, with a "handwritten" address, and grandmaesque return address label.It gets opened more, but we do get a lot of calls with people saying they don't want to sell or that we should say we are a company.We tested the straight Dear Mr Jones, we want to buy your house at 123 mainstreet with out our company name or website, just to call us . . that generated more calls than the letter that just went out that added in that we are an investment company and they can call or visit our website . . . can't tell if the results were much different.And personally, you can get all kinds of results, but it comes down to it, you want the motivated people to call you and those people are going to find you letter or not - if you have a website.

In conclusion, I think it goes back to knowing your market, there is no formula or one size fits all.  

If any one has dealt with them, please let me know.See below for their claims:•Loan Sizes $500,000 to $30,000,000 •Non US citizenship Ok •75% LTV - LTC max •Unlimited cash out •Blanket Loan Lender •5 & 10 year fixed rates •30 year amortization •5% - 7% fixed rates Property Types Available: •Multi-Family (5+ Units) •Single Family Housing – 5 Property Minimum •Group of SFR’s, Condos, Townhomes, Apartments •Mixed-Use