Like any successful venture, with lots of work it's totally possible.

Other than earnest money, what total costs will I have to pay out of pocket before closing?

Total investment = principal + repairs = ~32K 32k for a 5bedroom house with comps at around 120k

The unit is on the second floor of a 2 story building, the building being only 16 units total

I drove by the place today and it looks the part totally.

One it totally screws up the relationship and bond of trust you should share.

I found their appraisal dept. totally incompetent.

Not totally sure I understand.

So pretty much I am trying to buy the property, would prefer not to have to put more than 10k down total including closing costs.

Yearly PITI: roughly $28,000 Yearly association fee: $2500 Cleaning fees (paid by renters) Yearly average utilities (cable, phone, heat, electric): $3240 Yearly advertising costs (vrbo/homeaway.com etc): $600 Total costs: $34400 The house rents solid 3 months in the summer and 3 months in the winter.