I believe the DLBA offers it to the next highest bidder.One other potential scenario is the winning buyer was willing to pay ~$100,000 for this house AND they are a city employee or has a relative that is a city employee.

The squatters institute a dynamic that you cannot accurately budget for, so I would be very, very conservative with any offers. 

I also find some offerings with more conservative exit assumptions (+15-20 basis points per year, mostly outside of MF).

Please offer your insights asap if possible.

I actually had to get enough units where I could offer tenants multiple housing options when I purchased properties rented at way under market rates and then (an embarassing number of times) personally watch tenants that would "suffer" from a rent increase turn down smaller (but nicer places) or  nicer places in a less prestigious zip code (sometimes only minutes away) before I realized that I was hampering my ability to earn a living in order to subsidize the lifestyle choices made by a some random stranger that happened to live in a property I bought.

There are several turnkey companies in Memphis that offer everything in house from purchase all the way to property mgmt.

I joined the BP community to network with people who I can learn from and also to learn how to analyze deals to give me the confidence to put an offer on something that makes sense for me.

Mark,Jordan is correct in his analysis but the problem lies in managing not to get thrown out of the seller's living room when you offer him $97,200 for his park. 

You could offer them cash for keys!

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