I am looking at buying a duplex that is already rented but needs some cosmetic upgrades (exterior paint, gutters, lawn care).

Purchase price 180k, closing costs about 6k, initial repairs roughly 5k (based on review by my property manager/inspection)Annual income total 39,300 Tenants pay own utilities, roof is about 6 years old, newer boilers, electric is updatedExpenses $ 23,032.00Accounting $ 500.00 Lawn and Snow $ 1,000.00Property Insurance $ 2,200.00 Property Management $ 3,144.00 Property Taxes $ 5,400.00 Repairs, Supplies, Maintenance $ 3,930.00 (10%)CapEx $ 2,358.00 (6%)Trash Removal $ 500.00 Utilities: Electric $ 500.00 Utilities: Gas $ 500.00 Utilities Water $ 1,500.00 Utilities Sewer $ 1,500.00 

There were window, flooring, hvac, plumbers, electrical, construction and painters / sheetrock. even the lawn mowing was contracted.

We rented the house out immediately on a long term lease at $1775/month with the tenant responsible for all utilities and lawn maintenance.  

I've seen contractors have custom signs made for the front lawn the day of inspection that says "yes, building inspector, we are inside!!!!"

My expenses are property taxes and insurance at $165/month; the tenant pays for utilities and lawn care. 

Coin oI laundry 45.00Total Income $1,845Property Tax $151 Insurance $67 Vacancy $90 R&M $180 Management $144 Lawn/Snow $125 Water $140 Gas $65 Electric $50 Trash Service $70 Total Expenses $1,082Purchase price $88,000Repairs $2,50020% Down Loan $17,600 down$70,400 Int Rate 5% P & I  $378Net Cash Flow $385/month Cash-on-Cash 23% first yearI'm going to put it under contract tomorrow. 10day inspection period with a financing addendum. 

Those you have to be careful with too as they have a knack for creating 'artificial demand' in the form of auto bidding and not necessarily making it super clear that you are sometimes bidding against your self. 

Think of washing cars on the front lawn and forgetting to turn off the hose while chatting with a longtime friend.

Your going to be north of 1k when its all done.lawyerpm to go with lawyer to court3rd party move out day movers (required by the city or no bailiffs)Guys to change locksMovers to come back after 5pm to remove all the items they took to the tree lawn in the morning.