Hi Maggie,If you follow this simple and simplistic approach to the numbers part you should be okay.Multifamily data shows over time of ownership costs will average 50% of gross expected income and if the landlord pays any utilities that figure will be closer to 60% costs.So 2,900 X 12 months = 34,800 GEI a year. 34,800 / 2 = 17,400 NOINOI is net operating income which is what you have left over before your debt service.

The NOI is your Gross Scheduled Income minus Operating Expenses minus Vacancy Loss (Yes, I would plan for some vacancy, if you lose your tenant, how long will it take you or your property manager to fill it and how much will it cost?).

The point is that there are a million ways for this to be a valid situation with a truly disabled person.The ignorance & prejudice about disability I’ve seen running rampant on this forum is pretty gross.

I could say that but it would be a gross stereotype.In my market in SoCal there are plenty of hard-working/smart agents but just like any profession, there are lots of stupid/lazy agents, too.

Asking price is $120k for everything, but the woman at the chamber of commerce told me that the owners recently moved out of town and don't want to manage it long distance and are willing to come down to around $100k.With the three current tenants, gross annual rents are $17,000.

Your monthly payments will be:Monthly principal & interest = $1422Monthly Insurance = $100Monthly taxes = $484Total = $2,006According to the 50% rule, if you are getting $3,800 per month for gross rents, you divide by 2 (to factor in repairs, maintenance, etc) which leaves you $1,900 to pay operating expenses and the other $1,900 to pay for the monthly P&I which is $1,422.

As Scott W. pointed out, at rents of $2K per month, you are going to have a tenant with $6K gross income per month - people earning like that become buyers, they know that they can be building their own equity rather than doing that for the landlord ...

Income: Gross @8950.

What ratio between gross monthly rent & purchase price are you looking for, and can you get there with the mold remediation costs?

Gross negligence is an area where one may become liable to others for damages.