Additionally, we have virtually no expenses going into the home besides the down payment, the homes were mostly 1-5 years old and worst case needed some paint and flooring, no costly rehabbing.

She had to have the whole floor - subflooring and all - replaced.

I experienced months of 50% vacancy until I finally made drastic changes by splitting the floor plan and renting as two single room occupancies instead of a 1bd/1bth.

My first one the kitchen had nothing in it - it was gutted - and the floor had a hole right through to the ground.

It'll be owner occupied.So here's the poop:150y/o brick 3 story. 2000 sq'Needs: New roofpartial gut8 new windows (4 "historic" inserts)9 repaired windows2 new exterior doors and 1 rotted sill replacement.all new plumbing (3 baths 1/2, full, 3/4)mostly new electric (if only to sleep better)new furnace (though there are two on premises)A/Csome refinished floors, some carpetnew kitcheninsulationframingdrywallWe'll also want to deal with a concrete patio that's draining water toward the foundation before it causes problems.The place is in a transitional neighborhood (i.e 1 block away $300k homes and $150-275K condos, but plenty of ratty joints too).

ORRehab all to the fullest, and maybe use the back building as a in-law house..ORDemolish back building, and use the floor as a nice basketball court or tennis court, keep the big shop garage and modernize the outside, tear the front house down, and build a new house on the remaining foundation, with attached garage, and second floor giving a total of around 2,500 sq.

Getting a ground floor opportunity to watch how he handles his investments.

However, I don't think rents will decline greatly since the dorm rates at the university will set something of a floor.

This would give me a relatively safe monthly repair/maintenance budget for the home itself (roof, windows, walls, flooring, plumbing, electrical, etc).

I'm a little confused about how the depreciation works on items that don't last 27.5 years, such as flooring, appliances, cabinets, etc.