I am looking to move out of the downtown area and buy into a better school district - where the homes are also less expensive to buy/rent. 

I recommend Tommy at District Title to perform the work.

Congrats @Austin Fruechting, I've been reading through your blog as well and I agree knowing your "why" is absolutely essential.

In any case, I found a promising property which is situated in the heights for $195,000 and it is in disarray not to mention that the location while not the best in my opinion it is very close to the shopping district, very close to a park, very close to the laundromat, and it is bike friendly. 

I would also check out any positive amenities around the rental space like the location, the school district, and any available public transportion with nearby stops.Good luck to you!

The way I calculate ARV is by essentially looking at sold properties within last six months in close proximity, and similar age.

Some of you may know about Councilman Kenyon McDuffie's Airbnb legislation to curb some business practices in the District of Columbia.

Essentially, the law says that when you rent a property, you make an implied promise to the tenant that the property is in a habitable condition.

I am trying to build a portfolio of real estate and would like to be able to refinance, pull equity out and purchase another property and essentially follow the typical Brrrr strategy going forward (rent out the next one right after reno).

quick numbers:$135,000 asking$27,000 down payment (20%)$108,000 mortgage at 5% (guess) = $580Taxes $1200/year = $100/monthInsurance $1200/year(guess) = $100/month (guess, shop around)PITI = $780/month (meets 50% rule)plus10% vacancy = $175 ($1740 rent x 10%)10% management = $17510% capex = $175Sewer/Water bill (I find it hard to believe that tenant pays this) = $150/month (guess)trash/snow removal = $50/month (guess)10% miscellaneous (advertising, cleaning, buffer, etc) = $175/monthtotals = $1680cash flows = $1740-$1680 = $60 Essentially, you will break even if you turn it over to a property manager and are never involved in the day-to-day operations.