Especially if your original offer didn't include those repairs!  

That price included pumping, chemically treating, and ultimately collapsing the septic tank, directional boring 3/4 of the way around the house (.39 acre lot), two cleanouts installed, and he even removed a damaged cast iron stack pipe which had cracked in my foundation and updated it to PVC at no charge.I gave the overpriced $4,000 water equipment to a friend who had suffered from hard water and haven't had an issue with my new city water/sewer setup yet.Contact me if you'd like to chat further.

I wouldn't buy incoming website leads from another company.I would buy leads that include data like "absentee owner" or "out-of-state owner" or 55+ years old owners, etc.

I personally don't like all utilities included, especially not heat and electric.  

To determine the cap rate 1) Calculate the yearly gross income which in your case is $68,520.00 check the books make sure rent roll shows the rents are as stated.2) Subtract the operating Expenses not to include mortgage and interest =$28,936.803) Net Income = $68,520-28,936.80 = $39,583.204) Cap rate = Net Income divided by purchase price $39,583.20/400,000= 9.8958%Investors usually will use cap rates to compare properties in a neighborhood.

What I didn't mention is that she became a real estate agent last year to get an "insider" view of the factors going into real estate transactions, including the sometimes unforgiving taxes.  

That included getting a team in place, educating myself here on BP and other books, actively looking at the market to identify where I wanted to invest, determining my strategy, realizing there was a flaw in my plan, finding a private investor, and finding a deal that met my criteria. 

My spreadsheet for the property included an initial capital infusion at the outset to create a cushion to absorb unit turn overs, cap ex, etc until flow could catch up.  

Now, In my first offer I included an inspection contingency and also it is all cash offer, the bank countered for Highest and Best, due to multiple offers.

It's not a good investment for MY money, and my alternatives include small multi's that we've been buying over the past 6 years in SD.