@Kenneth Bentley you'll need at least 100 doors to make a bare living at it.At least 50, so you can hire someone to help, but then you won't be able to draw a paycheck.150 minimum to make a living and hire someone to help.

No way you're going to get your money back here.You could pay for a Broker's Opinion (BO) or a professional appraisal.At 696 sq ft, this place is barely big enough as a 2 bed.

Long time lurker but still a newbie so please bare with me.

At the time, I was unaware of the 70% rule and my cash on cash return just barely broke even.

Thanks for the input Logan, this report is based upon the bare minimum buy and hold and based on the current rents, not future projections.

I have barely broken even after a year with the high maintenance of properties by the ocean - rust and salt water do a number plus the storm.

They look to have a c- rating on Better Business Bureau and barely a 1 star rating. 

there is a reason that tax sales are dominated by bare land.. much of it is non buildable for the reasons Ned articulated.

This leads me to believe that either everything where the numbers work are being snapped up before they hit the MLS, or that folks are buying multi-families that are not meeting the 1% rule, and/or are just barely breaking even with the hope that the market will continue to appreciate at a higher than average clip, or that rents will continue increase in the way they have the last few years.  

Over the past year, I've seen deals sell for barely break-even performance.