The lender also wants the water heater to be repaired. 

Updated granite kitchen, water view, nice size lanai.

The basement has a serious water leak issues but other than that just updating of kitchen, flooring and bathroom and paint are needed.

This doesnt account for $9.88 water charge per unit per month.Garbage - Since it is over 4 units you need to hire your own service which if you hire Flood Bros they can get you a 2 yarder twice per week for about $120 plus fees.Vacancy - Run 10% on your numbers just to be safe.Lawn - you can go on a place like taskeasy.com to estimate this cost.  

Cold calling on properties you find driving for dollars and from free lists from the county or city like water shutoff if they offer it, evictions and code violation.

Since this was my first primary residence, I didn't consider the cash-flow potential, however it was a top-floor, water view condo with it's own private roof-top deck, so I felt it had intrinsic value.

Since this was my first primary residence, I didn't consider the cash-flow potential, however it was a top-floor, water view condo with it's own private roof-top deck, so I felt it had intrinsic value.

Outcome was better than anticipated and rents are higher than I expected :) Property came with new roof, AC, hot water, and furnaces.Total rent in 4 units: $3,265What made you interested in investing in this type of deal?

Congrats -- the detail on the steps looks cool! 

This years record rainfall had many houses have basement water problems that never had them before.