Personally, I'd rather compile a list from whatever sources I tap into (I guess that would include driving) and do, or delegate, the research in the office.

Here are the numbers:Asking price: 120KUnits are 2/1's, rent for $600 eachBuilt in 1959Tenant pays heat and electricIncome: $600 x 4= 2400/month and 28.8K/ yearlyI used the 50% rule to cover expenses, but some of them would presumably be:Insurance: $115Taxes: $357Vacancy: $240 (10%)The property seems to some sense using the 2% rule (2400 a month rents is 2% of 120k).Financing: I plan to live in one of the units and use FHA financing.FHA down payment of 3.5%: 4200Loan of 115,800 at 3.5% interest= $520 monthly paymentAfter 50% Rule, $1200-$520 = 680/4 = $170 profit per unit/monthlyI have just a couple questions about the property.The owner recently bought it and replaced the windows/doors and claims that the building is in good shape. 1.

Then my buyer's appraisal for the bank blew up when she couldn't find permits for conversions made several years ago by previous owner- they had converted the garage into a master converting a 1600 sqft home into 2200 heated.

i have 17 years left on the loan so i had a lot of principal paydown each month. i run slightly into my pocket to pay the repairs/maintenance each month.the kicker was the new house we bought, our quality of life went thru the roof...less commute, triple the space, new home. and an exact house 5 doors down appaised $20k more than our purchase price 6 months later.

My plan with that is to paint all of the walls and fix the garage door which is all that needs to be done and occupy it for 6 mo- 1 year and then rent it out for a year and move back with ma and pa.

It had an orange county notice at the kitchen door saying that it is unfit for human habitation.

Or would you close doors on them?

For point of reference there are 2 bedrooms 1 baths next door going for 1150-1250 some are updated some aren't and also 2 bdr 2 baths in a brand new building down the street renting at 1350+

It generates $600 / door or $1,200 per month.

An engineering degree in EE will open doors in places that not everyone can go.If at the end of 3 years you can get a 65K a year job with your degree, you will most certainly have not wasted you time.