They may very well be trying to sell it because the property has tanked in the last year or so.

Other investors, entrepreneurs, a guy who is going to be on Shark Tank next season, and even professional swing dancers.

But the core areas usually don't tank hardcore during recession.

Oakland is booming and that will stay that way for a while - at least until the tech industry tanks and I don't see that happening very soon.

This is an off market deal.Price: $200,000 + closing costs = ~$206,000 (market value is ~$235-240k)Current rents: $1,675/mo (slightly under market, potential to get over $1,800)Opex: $710/mo-  Mgmt: $167/mo (10%)-  Taxes: $200/mo-  Utilities: $150/mo (seller currently pays W/S/G -- possible to bill back a portion)-  Insurance: $70/mo (estimate)-  R&M: $83/mo (estimate)-  R&M Reserves: $40/mo (estimate)NOI: $965/moMortgage: $800/mo (20% down)Cash Flow: $165/mo (~$80/unit)Needs capital investments of ~$15,000 for new roof/gutters (3-5 years), 2 hot water tanks, and new electrical panel.  

Other factors, like title issues, environmental issues (asbestos, oil tanks, etc) can hinder the process.

Just a quick post for future folks, the monthly meetups of the CLE Real Estate Think Tank are now in the private room at Melt on Rockside in Independence, effective immediately.

In the basement, I was a little leery about the exhaust vents that went from the hot water tanks into the chimney due to a slight negative pitch on the ducts, as well as some gaps in the ducting (CO issue).

I purchased the property prior to the marketing boom and tank, purchased in 2001.

It needs some work. i.e. new kitchen and bathroom, paint, finish hardwood floors, patch the roof, maybe paint exterior...I'm a little concerned because it has well water and a septic tank.