I suppose the oil slump won't hit that area as hard, because many of the people in that area are tied to the downstream side of the business (refining, chemicals, etc.

As anyone in Lafayette knows, the sale market is down right now to the downturn in oil and gas.  

I have witnessed first hand a partner of ours in Houston that has 10+ large B/C class Apt properties and during the oil plunge they actually have done quite well, occupancy at their properties have stayed about 93% and moved up slightly while class A fell off the cliff down 15 to 25% in certain submarkets.  

There are several very well oiled large machines you will be competing with. 

Also, not sure of the place/area. but isn't the oil area heading downwards?

It is very hard to find good furnace AC guys in my area as the oil field pays so well that most folks look for work there. 

I associate almost every ad I see on TV and all the stuff that guys try and sell you, like Mark Cuban does...Snake Oil.

How can I know if the oil (owner pays) really costs $8000 a year, and that other expenses are true??

@Kyle Cuppy, will you REALLY be able to turn this "frat house" into a well-oiled money machine for just $30k on top of your purchase price?

Where I am stationed in North Dakota, the market isn't very big and was hit hard a few years ago when the oil industry slowed down rapidly, so I have decided not to invest here but to continue to save as much as I can while I am here and educate myself on REI in order to take action when I am ordered to move to a new location unless I go overseas, then I will wait till my enlistment is up in a few years and start then.