At this point, you would want to realistically assess your chances of moving quickly through a court process and the court being reasonably neutral in judgement.Some states will be better than others.

The bottom line is that if you do not make a profit or at least break even it is not a good deal....

I clarify this to people by explaining the modification needs to have mass appeal and be neutral.

Bottom left side of the page at sanantonio.gov permits section.

But yeah I would be living in the bottom portion of the house and renting out the top two floors and then share the kitchen.

One bedroom, bathroom and living room on the bottom floor of the unit. 

You're only planning to put in $5k of work.Without financing, my math shows a cash flow of ~$575/month, ROI of 6.6%, which isn't nearly good enough for me.With financing, you're cash flowing ~$40/month (25% down, 5%, 30-yr).Bottom line, either get it for a lot less or keep looking.

Also, keep in mind, we are likely closer to the top of the real estate cycle than the bottom.

Learn and read top and bottom real estate investor, why they lose and why they gain?

@Eric AllgeierPart of rock bottom is the consequences you experience for years of action/inaction.