From that description, it's also not impossible that the gentlemen you describe was not simply interested in deterring you from attending future auctions.Think of who has more of an interest in the actions taken, a "bank representative" who has completely wasted his time at the auction, or your competition trying to eliminate you.Also, I'm curious as to why you say it was clearly worth more than $500K when no one bid on it.

If you get in for less you are doing well.With 20% down you should consider that to be a solid offer so other concessions may be possible.

I guess I had a misconception that being a landlord out-of-state was very easy and property management companies were a waste of money and time.

By reinvesting the dividend back into the stock (DRIP) you can earn a pretty solid return.

You have to have good solid plan good management agreements and know local and state laws.

Even though they may have a solid rental history, budgeting for repairs makes me nervous.

However, that's just me looking at an aerial map and the recent solds on Zillow.I could speculate on the repairs and comps as well but if you are confident on both of them I think your plan of getting it at 60-65k is a solid plan.Quick what if: 55k rehab, 65k purchase, 30k soft costs, sell at 185 = 35k profit on about 126k investment (purchase, buying/holding costs and rehab) = 27% ROI.

When you appeal, they take the approach of "we're smarter than you and we know the values better than you," even in the face of solid proof to the contrary.

Youre just wasting your time.

I agree with your # on windows - 20k sounds high, unless you're putting top of the line windows in a rental, which is a total waste.