Here are the quick numbers: ARV = $600,000 to $625,000Repairs = $25,000Purchase Price: $500,000Mortgage Balance: $500,000PITI: $2,750/moAnnual HOA Fees: $2,350 + $1,500 initiation feeMarket Rent: $2,700 to $3,000Repair DetailsUpdate master bathrooms, update kitchen cabinets, re-sod front yard, other minor cosmeticsThe owner has told me that he is willing to sell it on terms.

The primary things I need done areUpdating two bathrooms (fixtures, flooring, paint, etc.)Updating closetsReplace carpetRefinishing wood flooringPaint or update kitchen cabinetsRe-sod yard Sidewalk repairOther minor cosmeticsThere are no other major items that I am currently aware of (e.g. 

Most want their own bathroom. 

All I have to do is replace a few burnt out bulbs, take care of one stain in the carpet and paint one bathroom, this will cost me about $500 total!!!! 

The bathroom needs upgrades, primarily the bathtub/shower.

We walk through the unit with the tenant, ask them about things which need repair and look at all the typical problem areas (under sinks, behind toilets, wall behind shower, ceilings below bathrooms, walls around windows, etc.  

All the houses have been completely remodeled and have tile throughout along with updated kitchen and bathrooms.  

I could throw a rock and hit a house 4 houses down with 1 extra bathroom that appraised for 68k and its the same materials...  

Bathroom from look of thins just nasty and dirty looking but could probable be saved.

I am gutting the downstairs, garage, bathrooms and opening up the kitchen.