Although our market is hot, vacancy rates are low (below 5%), interest rates on a presumed 30 year fixed mortgage are historically low (floating around 4.5%) and rents are increasing with the high priced housing market driven by a lack of inventory.Unfortunately, TierraSanta doesn't have a lot of MF's but the surrounding areas hold possibility if you're flexible on your target market.

Owner is very sick senior and his kids are selling the property for him. 

@Anna M. make sure the current lease does not have a provision for automatic yearly renewal. if it does not, it does indeed transfer to month to month. typical state law says you must give tenant one full rental cycle of notice of lease change. this means if you want them to sign a new lease, you have to let them know before jan 30, to take effect march 1. unfortunately because you are closing jan 2, you cannot give a full months notice, to take effect on feb 1. you can request moving closing up into dec though if you want, and sellers are amicable, but if you are not increasing rent I doubt it is an issue, since the current lease was provided by a PM company.

This increased property values. 

When you have the huge population increases we have in DFW it is going to be very difficult to not have some issues with keeping the supply in line with demand.Collin County is expected to double in population from 1-1-2017 and 1-1-2030.Since many of these projects are so large when they come online there will always be hicups.

I took too many write offs in 16 to qualify for anything this year, but with our increased income and decreased write offs in 17, our net income will be substantially more.

The lease includes a clause that allows us to annually increase the monthly rent by the amount of annual increase of property taxes.

I don't know about increasing the rent due to the garage or we might be too high.   

One of remaining units is coming up for renewal and I am doing a rent increase of $50.00 and I will rent the other two for the market rents ($75.00 higher then previously rented for).  

This house should appraise for right around asking price but I think if we go in and treat it like a long term flip basically, value may increase to 150k or 160k.