The revenues should actually be 61k but app#1 in the basement is not for rent because it requires major renovations, therefore the income is 53k.

Buy a rehab project for $200,000 with $50,000 for repairs in a suburb of a major metropolitan area?

Im doing majority of the work myself.  

I think what you are looking for is someone trained in the ways of real estate investing - an agent that will:Introduce you to FSBO's - Expired Listings and other real estate opportunitiesWill be your fiduciary representativeWill make offers for you on suitable real estateWho understands creative financing; delayed settlement, seller assisted financing, assignment, wholesaling, REO, tenant selection, soft money mortgages, tax salesWho will be responsive to your financial goals and a person of integrity and trustHelp with direct mail and street marketing to locate transactionsHousing and rent court marketingAbsolute aware of financial and contract clauses as well as contract engineeringCan assist in - delayed settlement - automatic extension, performance mortgages, subordination, principal mortgages, options and joint venturesAware of bidding on REO, forclosures, tax sales and public auctionsUp to speed on commercial real estate, lots and land as well as businesses with real estateHow should you treat this wonderful person (if you can find one) -They should have a commitment from in the form of a Fiduciary Buyers Brokers AgreementYour agreement to pay them a commission on any non-listed deals they bring youA bonus agreement for great deals that you closeA gas budget - or a cash payment for gas Kind words and respectTo be sincere and active with the agentRespect from youFirst class training on how to represent youSometimes an equity interest in the great deals the agent has initiatedListings when you are ready to sellYour cooperation - all your financials, tax returns and other information that will help your agent close dealsA few free lunches ----Good luck --- Charles

Real estate investing is something you can do actively for the next 50-60 years.

For SFH its squared footage / bedrooms / and area that help command price basically just like apartments.. harder to shop in person for comps so listings on major sites are easy to track by area / map Apartments basically the same way,, but transportation / bus sometimes is a big plus.. and if your in a close nitch with similar size apts I'd recommend go and physically check to see what they are offering,, shop them as I bet they have shopped you.. 

I prefer new, but $400-$500 is about right now, considering I have some major expensive repairs on another property that flooded.

I do, however, advise waiting until you are able to find or create a great deal that you can afford before investing, and those type of deals don't just fall into your lap, you must work and actively seek them out ... the sooner and harder you start looking for them, saving for them, and educating yourself on how to spot and find them, then the sooner you will find them.

They need to do a better job of setting an annual budget including contributions to reserves for major repairs and replacements.

Would love to start talking with people actively investing out here...specifically any successful house hacking stories in the area.