the house is painted, cleaned by the cleaners and pictures taken. it went on the list sites last night, but just one call so far. asking $1250 per month.Instead of wasting time listing it myself, i will suck up the fee and list it with the realtor. we have had a great track record that way.there are a few plumbing leaks that need to be addressed, but that will be after the open house this weekend.i am super excited since this how is ready just 1 week and one day after closing!!

Scales of economy: Fore example, if you have a 20 unit apartment building, you have 20 units paying you rent and only have to worry about one roof, one plumbing system, and one electrical system.

Going to have my plumbing contractor look at it and advise if we should wrap it or not. 

I am quite handy, and I have a group of friends that help me out from time to time... we can do almost any job in a house from plumbing to electric.  

But with PVC & Pex the complete re-plumb went quickly.Got it for $12,500 put in $3,500 & did it all ourselves. 

But the property was vacant and vandalized and stripped of copper, wiring, plumbing, bath fixture, kitchen cabinets and needs a bunch of drywall repair. 

Next week we should be able to get the plumbing rough in after the beams are dug which is happening today, sorry no photo of that, check in next week. 

I am in the electrical and plumbing rough stages of this rehab. 

Tom Asking price: 840,000Gross rents @ $485 avg: $162,960Vacancy @ 15%: $24,445Effective Gross Income: $138,515ExpensesProperty Management @ 10%: $13,851Property Taxes (2013): $9,412Insurance: $9,800Reserves @ 5%: $6,926Maintenance (plumbing, electrical, misc.): $11,000Association fees (Lawn, Trash, HOA, Grounds Insurance): $7,280Pest Control: $1,344Write Downs / Bad Debts: $2,820Total Expenses: $62,433Net Operating Income: $76,082Cap Rate: 9.1%

One retail tenant is in place, a 1 bedroom and a 2 bedroom apartment are ready to occupy with some plumbing work.