At that price, plus needing to spend more on updates and repairs, I have to ask what the total monthly rent will be?

Fix those things and even spending 15k to do so, buying the house at 14k and closing costs you are in for 33k roughly.

I'm thinking I may just have to spend some time driving around and finding distressed units so I can try a 203k loan.

I can see if your model is to keep the notes its more complicated given all the money you have to spend with third parties getting the things worked out and or BK or other things people do to squat in houses. 

I’m bringing in another investor tomorrow to look at it with me , we’ll crunch a few numbers to see if it’s a go, but at my first review it’s a pass .

- Get a rough estimate without spending money, if that’s possible, and reduce offer price or havevthe work done by current owners?

View report*This link comes directly from our calculators, based on information input by the member who posted.

View report*This link comes directly from our calculators, based on information input by the member who posted.

Hi Arreanna,Generally, you wouldn’t want to spend more on repairs than the house is worth.  

Having said that, its not quite as simple as the 1% rule,  Rules like this are good weed out for those of us that look through large numbers of deals at a time and need a fast way to determine what to spend time on and what not to.