Short and medium term impact on the value of a flooded home is sustantial, and my research would indicate as much as 30% reduction in value from pre flood value.

., roof).5) Trash is usually landlord-paid in Atlanta (since it is billed to owners by the tax collector) and is about $500 a year. 

Seller assures me the 30 year mortgage was paid off 10 years early.

@Carlos Rodrigues If you paid cash I would look into the delayed financing exemption.  

When the sellers sell you the property the lien is paid off.  

Purchase Price: $105,000Closing Cost: $623Rehab: $57,000ARV: $250,000Rent Income: $24,600Taxes: $4,343Insurance: $1,748Utilities(Paid by Landlord): $1,472Capex(5%): $1,230Vacancy(5%): $1,230Maintenance(5%): $1,230INCOME: $24,600EXPENSES: $11,253CASHFLOW: $13,347 Feel pretty good with this property.

The pre approval letter says that I only qualify for $350k.

Seller was trying to do cash for keys but that didn't work so we paid $1 for an option to purchase in spring of next year and are filing it at the courthouse.

Rent is always paid on time and I have no issues with them.

We just paid a lawyer too much $ to review our lease agreement, so I'm hoping to find a good operating agreement without feeding the lawyers any more of our hard earned money if possible (sorry lawyers).