If all the systems and mechanicals are old the repairs will eat up any expected returns for years if things go perfect with your tenants.The key question is if the previous owner did a lot of deferred maintenance and kept hoarding cash instead.The HOA doesn't mean anything.They can go defunct or increase the dues or add special assessments.I like to keep control of my investments so do not like deals like this where you are betting on an external party to maintain your property.

Sold for $79,000.2) http://www.zillow.com/homedetails/381-Fountainmist-Trl-Lawrenceville-GA-30043/14803863_zpid/ on adjacent street. sold 6 months ago for $950003) http://www.zillow.com/homedetails/1524-Watercrest-Cir-Lawrenceville-GA-30043/14803791_zpid/ 500 sq ft smaller, but supposedly in "perfect condition" according to the ad.

I definitely agree regarding finding the perfect in-between.

The $50 faucet to the $500 faucet example is perfect.

And you don't want to provide the perfect opportunity for that!

MikeOHBased on your numbers I would have to agree.However, To acomplish what you suggest I will definatly need tochange my approach to finding that first perfect property.

Im keeping my crew on salary and now I have to wade through the quagmire that is benefits.Ironically enough, I found the perfect office/warehouse site. guess what, it's an REO.

Hello,exactly what are the criteria of the perfect list you guys would be looking to get your hands on?

The last thing I need to do as a first time investor is massage the #s to get a house and end up losing money or doing it for free...I will hang and there and keep making offers...I'm going to try to get my real estate license in the next few months so I can start viewing houses on my own time and getting access to the MLS to streamline the process...Right now I wait on input on recent comparable sales, wait to view the property and wait to make the offer...it just takes too much time...I feel if I was an agent I would be viewing 15+ homes a week and making several offers per week.

When he removes a perfectly good water heater, buy it from him for $50.