I think i'll start paying an extra $1000/mo on it and in a couple years I should be able to get rid of it without needing to come to closing with a pile of $$.

The home is paid for but has a little over $7000 in taxes owed on the property. 3/2 with 2 extra potential rooms in a nice area.

Typically this is when seller offers to pay closing costs on REO properties (HUBZU being the primary source of this annoying process, the extra party can cause excessive lead time when minor issues arise such as closing date shift or last minute credit grant).

he said insurance is roughly 700 each yearly. he said tenants pay all expenses and pay extra for their electricity and water and stuff. what else am i missing?

If you got a 30 year note you might consider throwing an extra hundred or 2 towards your mortgage over your payment amount, it will make a huge difference early in the game. 

Not the best investment for positive cash flow but it is mainly for our enjoyment so the extra rental money is a plus.

According to Rentometer, avg. rent in the area is $833.If I offer $8000, I'd only be in at about $23-26K (leaving a little wiggle room for extra repair costs).So with these numbers...ARV: $40kRepairs: $15-18kPrice: ~$10kAvg.

The truth is they all will not be able to afford the same type of place.

Its the truth all the way around

This is going to become "Millennial City," with a fair percentage of retired Boomers for extra community flavor.Another opportunity arising from this rezoning may be found as a result of the new opening of most of the "commercial only" zonings for multi-family and mixed use projects here, with current market prices that don't necessarily reflect the near future.