I don't think he's ever actually even seen the house, if he did I don't know how he could have missed the Holton-Wise stickers on the doors, windows, cabinets, furnaces, hot water tanks and electrical panels.

Imagine the following scenario:Suppose you bought a SFR at a good price (20% below retail) and made very conservative estimates for water, garbage, vacancy, property management, capex, and repairs. 

Leasing by the room is uncharted waters for me. 

Are one of you flying down the only to find out it’s no big deal his phone was turned off and the rent is in the mail, OR, the house has been gutted and flooded with water for 30 days. 

Need to include roof 25 year life span, appliances and hot water heater 12 years, hvac 20 year life span, bath and kitchen remodel 20 year, etc.

The smart home can be monitored remotely with a Nest thermostat, security cameras, doorbell, and home security alarm while the Rachio weather-intelligent irrigation system lowers the water bill.

There was a notice of a termite inspection on the water heater, declaring that no termites were found.

But if they have half of a brain, they know that there are going to be all the costs that I mentioned AND MORE; cost overruns, electric, water, taxes, bad contractors, and a few others I can't think of right now in addition to the simple %s mentionedThis is why you should never deviate from going over the 70% of ARV minus repairs AND you should do your own repair costs.

So working toilet, running water, electricity, windows, door that locks and roof.

I recently acquired a nonperforming note, to which I learned that the water has been shut off for a year and a half.