As your vetting your deal you will have to ferret out those fees and include them in your proforma.

What all is included and are you looking to do just and clean up or a rehab?

It also included a rent valuation which compares value based on rent to three rentals in the area.

Including th 40+10 for both filings. 

Pro forma rents are likely to be around $825 & $935, including utilities, although they'll be billed back to tenants going forward.As far as the cap rate, I said not to ask!!  

I have been in the construction business since I was 17 including those college years.  

Sure you can buy it but I believe that would include any liens/mortgages that are also attached.

I don't see someone buying this type of property when there is not much money to be made even after you put in and fix it up it would be worth about 75,000 and the note needs to be paid which only leave 7,000 profit which doesn't include closing costs and of course anything I could scrape off.

@Charles Worth,Just curious as to why you think it might not end well.No investment is guaranteed to produce a return and all investment involves risk, especially the risk of loss including, but not limited to, the amount invested.

Where I live, Wells Fargo 'residential mortgage' will include 75& of the rental income towards the Debt/Income ratio in the case of a new purchase.