Don nailed it.

Also note that even if you get that kind of amortization you won't actually have a 30yr loan, you will have a balloon at some point in like 5-15yrs (Much more likely in 10 or less).If this is just conjecture you should nail down what you can get.

This will eventually lead you to being able to drive framing nails like a pro and not embarrass yourself.

Check your state law to find out how much notice you must give before raising the rent, and if there is a cap on the % you are allowed to raise at any given time.

Upon the age of the remodel job the sheetrock nails pull thru and the rock gets brittle which creates cracks.

(Note: I've seen a lot of posts questioning what rental rates should be, IMHO if you can't walk into a place and nail the going rental rate, that's trouble)The property is not listed, and expect that buyer will be paying full brokers commission.

None of the govt programs worked for me because my loan was never sold to Freddie/Fannie.Do you have an annual and lifetime cap on the rate for the 1st?

If you know that you can buy the property for significantly less than what other identical properties are listed for - this could be one vague indication that you've got a good deal on your hands.Again, the value of land can be very tough to nail down - as it is very subjective, depends greatly on what the end buyer needs it for, the level of their need, and what its actual "highest and best use" is.

The expenses you have seem conservative at about 60% of gross rent so NOI of about $3300/month or about $40k a year. 10 cap on the purchase price, about a 9 cap if the $50k in rehab turns out to be a good number.The gas explosion sounds bad but I don't think it would hurt your ability to rent them.

You hit the nail on the head - I would never put all of my eggs in one basket with the hope of appreciation.