It takes more than money to be a continued financial success in the real estate business.The Hard Way – Start from the bottom and learn the business – study neighborhoods – attend auctions (don’t bid, just observe.Take courses – but be very selected – don’t over pay – don’t chase the Get Rich Fast programs from Fast Talking Know Nothing Promoters – most of them are trashGet in the field – drive around – farm – talk to neighbors – get listings – call FSBO’s, have agents keep you informed of trends and off market properties – train a real estate buyer’s agentLearn to make offers – but first you need to know what to make offers on, you must understand clauses and contracts – you need to know and understand every word and what that word will do for you or how it can hurt you – my clients are trained to use a contract form we call a Skinny Contract – it is a one page document – it has the address – the offer – and clauses that allow you to sandwich yourself in for an assignment fee and most importantly – full disclosures and what happens if you cannot settle – Set goals ----yep – sound silly, but it works – set a goal to look at 50 properties – My clients call this the 50 house rule – select an area – make appointments with FSBO’s and agents – keep a journal, write down everything about the property especially the cost per square foot, financials, the owner and the building – look at 50 properties – but don’t make offers – just look and study the market – A doctor will studies for years, watches others doctors slice open patients and after many years he has a chance to be a real doctor who has learned to heal people – study your potential profession and work as hard as a doctor would – expose yourself to experience – your job is to know your market better than anyone – it takes a medical student many years to reach their potential – you can earn as you learn without spending years in the process.Working the 50 house rule – don’t make offers on any of them – just keep looking.The purpose of the 50 house Rule is to know every detail about properties on the market, the expired listing market, the tax sale market, the HUD market as well as the market at the court house steps.

The schools that are allowing more students coupled with market trends indicating job growth are the areas to invest in. 

I also believe that we live in an era where innovation is what is trending, as most of these corporations have already established themselves.

The home is in fabulous shape, needing minimal repairs.  

Where you live it's easy to keep track of trends, know which neighborhoods are in trouble because of exploding refineries, how long properties are staying on the market, what is the finish level of competing properties...That doesn't mean you can't keep track of these things remotely, you just have to be interested enough to keep on top of these things.6.

I am guessing at that price point and the property being vacant that the property probably needs some work to get back up in rent able shape.1.)

If your purchasing a property in good shape you are not going to have huge pressing issues.

Put in vacancy rate at 10% although the neighborhood trends lower.I also estimated expenses as follows:Insurance $1,000.00Taxes $3,300.00Property Mgmt 10% $1,728.00Maintenance $1,000.00Advertising $300.00Utilities $2,000.00Total Expenses $9,328.00 After all that I'm coming out with a cash flow of ~$3800, Cap rate of 10%, and ROI of 17%.Am I missing anything?  

If the locks are still in good shape just use them at another address.  

Brian, If the roof is still in good shape (doubtful) you don't need to do have to do anything.