Not to mention roof 25 year life span, appliances and hot water heater 12 year life span, hvac 20 year life span, bath and kitchen remodel 20 year life span, etc.

To me the finishes and condition look a bit worn, so without clean-up and light remodel (paint at least) probably more attractive to tenants with dogs.

@Juan Correia given the limited numbers, it looks like a dog. 25k income on a 400k purchase and remodel. 25/400= 6.25% return on equity.

You can buy lower priced fixers, add sweat equity, and end up with better monthly returns due to your remodel effort and investment.

I just finished a remodel of the first unit and rented it for $1,325.

I've spent $170 remodeling the property. 

Because she was Section 8,  lived there for 5 years, AND because the condo was a crappy federal remodel of a foreclosure (NO padding under the cheap carpet),  we didn't ding her at all for the carpet.  

I am in the finishing stages of a year+ gut remodel. 

MY father bought a house in 2006, the house is worth more what it was back then obviously. since then he have made all his mortgage payment. his payment is still the same. 1300 plus if im not mistaken. but my dad is like the poor dad in "rich dad poor dad" book. he believes the American dream is paying your 30 years mortgage. im still living at home with them but over the years ive been reading alot and developing this real estate mind. its a great game and everyday i think about how quick i can get started. okay back to the story, two years ago i remodel their kitchen. it cost me at least 25k. with a 1300 mortgage some time he still find hard time paying.

If you’re following my other posts, you’ll know my wife and I are expecting...Expecting keys on a property next month. We want to notify the other apartment owners/tenants in the building that we will be renovating. W...