Well - I actually own the same house next door and rent it out as a vacation rental. 50% of the rents definitely do not go to rental expenses..

No one wants to live with 1 bathroom.

More interest is being given to fancy but functional bathrooms such as heated floors, jacuzzi bathtubs, access to phone, tv, music and laptops as well!

in all my years I've never seen a lender do more than drop a dumpster, remove the debris, cut the grass, stick a lockbox on the door and put it up for sale.

We completely refitted the property with new kitchen, Bathroom, new floor, painting etc.

An agent was holding an open house two doors down and she got a few people from our open house and that was it.

More forclosures coming in every month in that size and price range and getting financing for those babies limits the number of customers knocking on your door.

The house has a mortgage of 50,000 (3 bed room , 1 and a half bathroom)Houses in that neighborhood are worth about 75,000 The house has about a ballpark of 20k in repair.

(When I say Complete, I mean new Hot Water Heaters, New Furnaces, New Roof, New Windows, New Doors, New Carpet, New Paint, New Light Fixtures, New Electrical Outlets, New Bathrooms soup to nuts, New Kitchens, etc).

Not including any aluminum wrapping around doors/windows....