The same seller is offering me a second 2 unit multi ( Unit A and B are 2 beds/2 baths) this is off market by the way.

But back to the deal… barely over 1% is not great enough for me in principle because it sounds like it’s not worth much more than 100k so you can’t BRRRR and get most/all of your money back and doesn’t seem like it’s a good flip either - what are fixed up properties like this one selling for in that area?

@Jonathan Pflueger all jokes aside, everyone else that is paying a lot of money for properties that literally can barely pencil sometimes with Property Taxes, Property Management and Insurance alone.I think people get caught up a lot on the BP requirements.

The first appraiser barely looked at it and took some bad pictures, made some scribbles and left.

@Michael AllenParticipating in your employer 401k to the level they match is a no-brainer for someone like yourself in the early earning and low-ish income/tax bracket (A king's ransom in Kansas City is barely covering expenses in San Mateo). 

In Northern CA urban it will barely get you a small home in C neighborhood. 2% cap no mortgage.Rural, Central Valley possibly B- neighborhood 4-5% cap with 100% cash down.Of course there are always places where there are no appreciation to speak off.....

- Write in the addenda that I've allocated $X,000 towards bringing the property up to bare minimum VA standards.

I'd had an agent sending me properties that came up on the MLS and a couple of months ago, these data sheets went from a detailed listing to a very slimmed down version recently, barely enough info for even a non-investor to determine interest in a property.  

If I have to give you an answer based on what you provided, Id say that your ARV needs to be at a bare minimum higher than the 150k mark from the numbers that you provided.  

In the last crash, barely anyone even noticed it where I live.