A $300 profit margin BEFORE yard maintenance, insurance, and water could be tight... you want to be enough in the black each month to be putting some aside for a fund for when a toilet breaks, or when you have to do repairs in between tenants.

(House was in Highland Park, Los Angeles)Purchase price: $600kRehab: $94k - Full rehab: new layer of shingles on roof, 13 new windows, all new doors, new laminate floors, new 3' front retaining wall, full gut kitchen (new cabinets, quartz countertops, tile backsplash), 2 full gut bathrooms (new tub, floor tiles, wall tiles, vanities, faucets, toilets, vanity lights), converted one closet into a washer/dryer closet, created a master ensuite with a hallway bath, opened up some walls, recessed lights throughout, scraped popcorn ceiling, installed new HVAC, interior paint, exterior paint, stucco repair, new landscaping front and rear of house, new wrap around deck, installed double french doors master bedroom and garage, to new tankless water heater, new exterior lights, updated light plumbing and electrical, new garage door with motor, and some other normal repairs like replacing drywall, floor boards, and replacing some wood trims like facia boards.    

She didnt care at all.I happen to know the owner of the aprtments that she is moving into, so I gave him a call and let him know I was filing eviction for non payment of rent.She also owes me 270 bucks for plumbing repairs, after her son flushed a toy down the toilet that required me to replace it, after trying to auger out the lines for a couple of hours. 

Minimum - new carpet (or hard surface flooring in major living areas, stairs, and bedrooms), possibly some updating in the bathroom (toilet, shower insert, tub), and either large hole patching in the parking lot or repave the parking lot (no estimate on this yet)Appraisal from local appraisal district = $126kThe property is great in the < $164k range by my numbers. 

If you don't have a working toilet on your job site, you need to rethink that choice.

Some pics below finally.BATHROOM FRAMED OUT (using an ejector pump, the areas dug out are for the bathtub and toilet plumbing.)Another angle of the bathroom from where the shower head would beThis will be a walk in closet for a college student...spoiling them hahaOne very large bedroom framed (apologize for the graffiti, this house was treated as an over flow frat house for years).

Mike Dorneman Winterized means that all water should have been drained from the house and antifreeze poured into the toilet and sink traps.

It costs the same to unclog a sink or toilet or replace an AC or furnace on a property renting for $600/mth as it does on one renting for $1000.

.$83/m repairs (toilet clogged, minor tweaks, etc) $1,000/yr$150/m capex (all of the major items are less than 3 years old, but will eventually need replaced many years from now)PM $112/mLease Fee $58/m (2 year leases with 1 month vacancy)$100/m cash flow with PM$270/m cash flow self manageI think my repair budget is high.

The current owner came to an agreement that the tenant would not have to put down a deposit if the tenant would fix/replace the toilet and paint the inside of the unit.