All told our mortgage, tax, and insurance payments come out to about $750 and if all units were rented out we would pull about $2000 a month.As it stands now we have one unit rented and our roommate pays us $300 a month, so we still cover the mortgage even with 50% occupancy.The house definitely needed some TLC when we closed.It was pretty much trashed, but the previous owners left a consolation prize of steaks and a case of beer in the fridge.The cleaning was a process by itself that included the excavation of about 3000 lady bug carcasses.We also gave the house a fresh coat of interior pain, re-plastered the ceilings, ripped out the old carpet and revived the original hardwood floors, fixed the roof, installed fans and a washer dryer set, and replaced several broken window panes.

I spray the walls and ceilings semi gloss white and paint the floors gray .

I spent a lot of extra money on one of my renovation projects putting drywall on the basement ceiling.  

If my mistakes still allow me to make 40k, I'd be pretty happy.....The one show that always gets me is flip or flop.They run the comps and come up with a high ceiling.

My lender suggested this in order to keep us below the ceiling for % of allowable fees charged on a particular loan amount. 2.)

The house was livable and very well kept, but needed some upgrades. 5 months ago, the same unit sold for $122k and had to be completed renovated, all 2.5 baths, popcorn ceilings, new kitchen, on and on.

Rent at $950. 100% financing, including repairs at prime with a floor at 4% and no ceiling. 15 year note.

Make sure you keep eyes on house, check filter and for water leaks in ceiling and plumbing every so often, allows you to keep asset in repair and you will see how they are keeping it up too. 

The house has a lot of character, great location and high ceilings.

I actually offered to document my experience with photos on our current project (2 attached 2,900 square foot full brick homes with 12 foot ceilings, and on a park facing street, but no one ever responded to my post on biggerpockets.