You said specifically that marking up a piece of real estate by 25% would put this poster into "predatory dealing waters." 

-About 500 sq ft of random areas of outdated 80s flooring-Water heater is from '91-A/c 6 years old-Roof looks good-Mandatory $100 social club fee at the Weston Lakes Country ClubThe house next door sold for 205k. 1740sq ft it sold outdated BUT had 3 bedrooms.

It looks like there won't be much need of repair -- I estimate $5000 at most.All the utilities are split out for the 3 units, except for water, which is $200/quarter.If I estimate 10% Vacancy, 10% repairs and maintenance, 5% capital expenditures, and 10% property management fees (I will mange it myself), I get NOI $11,362, cashflow -$212, CoC return of -3%I believe it's in a good location/neighborhood, one that I wouldn't mind living in, and it's close to Newark Airport.I would really appreciate your thoughts.

Cool @Matt R., good luck with that man, hope our paths cross in person someday.

As for inspecting the plumbing, just depends on how old the house is, how long has it been sitting vacant, through the winter, what kind of water piping does it have, and what type of drain pipe does it have, just to name a few.

Expenses are low because tenants pay their own utilities except for water and trash.

Push the money into federal municipalities, state municipalities, and paying off your most profitable property in my opinion.Federal and state municipality funds are tax free investments, and mine perform in the 8-9% range, which means tax effective 11-12% range, equal to that of a decent cap return for real estate, plus they usually pay monthly.on top of that, the last thing the states and feds wont pay is their water, power, and sewage bills, hence why its a good steady flow of income.Also, it gives you three sources of solid residual income.

She does not have any documentation on the mortgage, but I show the mortgage in 2004 for $74k and the last assignment being in 2013.I show 4 years of tax liens held by various investors totaling about $5k before interest, also a water lien and code violations.  

The three podcasts in particular are:1) http://www.passiverealestateinvesting.com/podcast/2) http://www.cashflowsavvy.com/what-is-turnkey-real-...3) http://joefairless.com/blog/Cool thing, all 3 guys are on BP as well.

Annual Operating Expenses Real Estate Taxes $14,650.00 Insurance $6,874.00 Water and Sewer $18,171.00 Snow Removal $0.00 Trash Removal (ROT $60 x 12) $3,768.00 Electric $10,594.00 Gas $9,803.00 Oil $0.00 Legal (rule of thumb) $500.00 Management Fees 10% $0.00 Repairs and Maintenance $49,329.00 Other (Turn Costs + Onsite) $41,222.00 Other (Onsite Manager) $24,000.00 Total Annual Operating Expense $178,911.00 I'm thinking this is a pretty easy fix.