It's a great fixer upper, 3 bed, 2 bath, asking price of $149,900.

It is a summer rental, and currently pays for itself and expenses, with a little extra per year in just 4 mos of yearly rentals (shut down in the harsh Upper Michigan winters).

(It is a covered outdoor staircase.)We want to live in the downstairs apartment and rent the upper one.

You are really upper middle class rather than elite rich.

The last owner rented the lower unit for 725 and the upper unit for 650.

@Max Ellis being a contractor you have the upper hand when it comes to investing as you will know exactly what needs to be fixed, how much it will cost etc..i started with flipping but my goal is rentals which I am getting back to.

I think we have spotted a fantastic fixer upper & all we need help with is figuring the numbers to input to the calculator.Please excuse me for the seemingly short-cut request.Hilary

I don't want to state the obvious, but consulting a CPA would be best course in determining this answer; I would go out on a limb and say a hesitant no.

I would love to connect with people who find fixer uppers. 

Hey all,I'm working with a gentleman in what will possibly be my first deal and am looking for opinions and advice on how to move forward smoothly. Home is in Billings Montana. Don't have actual square footage down ye...