.@ Sharon - If the deal is really good be ready to do what I did.

What's there to lose by placing it on the market when it's ready at a price that makes sense?

That does not sound ready to crash to me, based on historical patterns for the yellow metal.

So in all, it could be 2 to 3 years before we are ready to act again.

My biggest challenge right now is fear of making a mistake and a general inability to estimate make ready costs.

property management ~ 1400 (~10%)vacancy ~ 1200 (~8% with good niche market of students)Debt service w/PMI assume 4%, 30 year fixed = 590x12 = 7080Total expenses w/ debt service = 14,330Total yearly profit = $2470CoCR@1500 = 86%CoCR@1400 = 61% (pm/va values changed to reflect rental price)CoCR@1300 = 40% CoCR@1200 = 17%I have two questions regarding this deal.1) Are my estimates for expenses ballpark for your average house of this nature2) Does this deal make sense to do in light of the fact that my investment options are somewhat restricted by my requirement for a move-in-ready-homestead?

I'm ready to buy.

Not only that, my ready to move in tenant will buy the property from me in 5 years and make payments to it in meantime in edition to rent.Issue is it is in a flood zone - mind you last hurricane irene here in NJ not a drop of water in basement.

A few months ago, when it was first listed, at $320k, I made an offer at about $285k, and it was rejected right away, they had "several" offers at asking.Well, 3 months and 3 buyers later, the agent calls me back, (I knew her from other deals), and said they are a week away from auction and 3 buyers had fallen out, and they are now ready for a cash offer.

FHA wants it to be move in ready so the buyers don't have to spend anything else.