The only immediate repairs I saw where the chimneys need retoppi g, the dtiveway needs redoing and the basement qindows need to be boarded in and insulated. the rest is cosmetics as long as the residents stay.Originally posted by @Jim Goebel:@Brian FooteHiIt's going to be hard to say precisely without knowledge of your market however those rent numbers are pretty good if I'm seeing the $1600+ for what you're getting into the property for.The 'gotchas' that I see that I'd want you to really be comfortable with would be that repair cost number - this would have to be a pretty light rehab where you're maybe doing a facelift, etc. 

The key is finding a property that does.

Anyone have a good run down on what's involved to do it above board?

Keep in mind that quality property management is the key to a successful rental, once it's acquired.

Agree with @Dan Mackin - you'll almost certainly owe the superlien amount which is equal to 6 months worth of dues.You may or may not owe all or a portion of the rest of the amount based on date of filing, etc.Be prepared to find the HOA board completely unwilling to negotiate. 

Factor in their costs of business: license fees, continuing ed, MLS and Board of Realtors dues, and E&O insurance.

(Most duplexes are 100+ yrs old in my area, this was 90% turn key) 5.)

One could be almost turn-key from what I'm seeing (though they may not be showing everything), but I don't think it would bring in quite enough in rents as it is right now--it would come close to breaking even after mortgage and expenses.

Finally on Easter Sunday at 10:30pm when they were out in their garage revving a friends car engine they were working on, my gf had enough so I went out shirtless in my shorts and told them all I'd had enough and ripped the keys out of the car and threw them down the driveway.This behavior would be on and off over the course of a two years and finally I reached out the the PM who ended up being useless, and finally got a hold of the owner and convinced him to get rid of her and/or the tenants.

Being an out of state (really of out country) investor I find it difficult to find key information without having boots on the ground.