So you have the budget to replace AC, hot water tank if and when they go out and you have the budget to do a light cosmetic upgrade to raise rent rates a bit when you're ready. 

I'm a section 8 landlord so reading this makes sense except for the budget that HUD can throw out to section 8 tenants. 

Most of us landlords are concerned about our tenants not being able to make rent due to the “stay at home orders” and service/hospitality/entertainment/etc. industry lay offs.

An effective way to understand that I've found is to set yourself a firm budget and put it into the search criteria on Redfin, start hearting or x ing out everything that looks like it would be a nice place to live, once you finish you can zoom out on the map and see where you have clusters of faded out bad houses and clusters of hearts, most cities I've done this with end up giving you a pretty good pattern.

From what I’ve seen, rentals are strong in Dalhart, a nice brick starter home never seems to rent over $950 as many renters seem to set that as their top budget.

Purchase price: $37,000 Cash invested: $150,000 My first rehab/BRRR deal, 2 Unit, End of Group, went over budget by 20%, and after 2 appraisals, refinanced and recouped most of the cash invested.

@John Cameron I can’t speak for the ATL market, but I am a broker in NC and would not entertain an offer I felt was just a place holder.

I'm sorry, but if you don't understand the foundation behind appraisal in the first place, your little conversation here is nothing more than entertainment and will not be productive whatsoever, ever.Mortgage appraisals are for the use of the bank to assist them with regards to making a decision concerning a mortgage loan transaction.

Even though it's 'as is', you will want to know what the major problems are so you can figure them into your budget.

Unnecessary traveling or entertainment would increase the virus spreading rate, and more people will die.