I’ll buy as is where is clean title.  

I'm not positive but I think that the second floor joists are right above the drywall ceiling on the first floor.

Assume that the interior will need every bathroom and the kitchen gutted and you'll want to put in new flooring throughout. 

Hey BP community,I'm a first time homebuyer that wants to make my first home a rental down the road and I'm evaluating a property in Hurst that I have an opportunity to jump on pre-market.Here are the details on the house:1316 Redbud dr. 3bd/2bath1910sqft, 10+ year old AC/Heat system 4 yr old roofold water heaterThe house needs new floors in all bedrooms and the kitchen needs updating.Enclosed rear porch.The comps in the immediate area, based on my rookie evaluation came out around 220k and they want 230k for the house as-is with a lease back option for a couple months to accommodate my upcoming wedding.

I rehabbed with a new kitchen,1 new bathroom and all the wooden floors re-done.

I live on the first floor, 3 bed/2 bath.

It's been vacant since then twice for 2 months.....totally rented 3 years.Tax=$60/moHOA=$197/moInsurance+Rental certificate=$30/moLet's say PM=$100/moNOI=$538/mo -- $6456/year.However, because there were nothing done cosmetically, there are plenty maintenance/updates like flooring on first floor replaced, washer/dryer got bad - replaced, dishwasher stopped working etc - 15% in maintenance which is quite high.So, all together, the property was rented for 40 months and updates counted as $150/mo.So, we have about $4700/year NOI.

I think I'd look for a finance partner to fund and buy it 50/50, managing and cleaning it myself.

It is good to run the numbers, but the most important thing is to know the location you are looking at and what sales prices and rents the neighborhood can support.The price for this place is $272k and that is the short sale price, i have spoken to the agent and that is the best they can do.Rents are likely between $1200-$1300 per floor, no real need to improve the units as the neighborhood is unlikely to support higher rents at this time. 

I had to make some concessions to tenants on rent to keep them calm while they were forced to go to laundry facilities to clean their clothes.