The most this property v could have gone for in the area, if everything was perfect, was about 85-95k but the best comp in the area is well under the estimate, also, the cash flow wasn't there, and there was a lot of see demos taking place on the block.

HUD has blocked any workable solutions because its non-owner occ now, but we did live in it prior and moved out for similar reasons and growing family.

I spaced out paragraphs and when I submit it always seems to mash my entire post together as if I wrote in one big block.

I think you are an expert, and you have been around the block like myself, and I try to steer new comers the right direction, but like they say you can lead a horse to water, but you cannot make him drink.

@Joe Gore , that worked while I was living in the neighborhood and all of my properties where a few blocks from my house.It's difficult, if a PM has to come out 3 times a day for the first 5 days of the months, because every tenant has their rent money ready at different times/dates.

That said, we frequently give little "appreciations" to our tenants (a voucher for dinner at a locally owned restaurant; discount on pilates classes at the studio around the block, etc).

The area, specifically the block in question is full of multi-unit rentals so though I understand it's not a guarantee and I definitely want to continue educating myself on the process, so far I'm comfortable enough with the risk involved due to the zoning being in my favor and the fact that the type of property I would like to build is not out of line with what's already in the area.

Just a block up the street I've talked with 3 guys that are paying $2,500 for a 5 bedroom home that is similar. $500 a room seems to be a fair, going rate for the area.Most of the homes were built in the 1800s, but this one was built in 2002.Just three blocks away major projects are happening.

All of the road blocks so far has been on the side of the banks that are selling.Everything on my end is ready to go.

It would be pretty difficult to rent out the nicest house on the whole block and expect a renter to happily pay the extra just to have those features.