I paid 67,500 "turn key" with 1750 in monthly rent 100% occupied which they were.In a made up world of zero expenses that's only a 31% return. 

I've made several posts in the past where I was looking and making attempts to purchase my first property that fell through due to issues found during inspections or not being able to come to terms I was happy with...The last one I found actually worked out and I closed on it a month ago.

I called HUD's asset manager and that's what they said...but that seemed like a customer-friendly approach, and HUD isn't the most customer-friendly, so I had to confirm what I was told.

Understand that not every response was a deal at the moment but after that first call with them, I learned their situation.This is very important because knowing what kind of situation the homeowners are in helps you think about what kind of deals can be made. 

I have 15 years of remodel and custom home building experience.

We scheduled a showing the next day and I made an offer 2 days later after the selling agent provided all of the actual monthly expenses (utilities,taxes,rent rolls etc.) for my calculations.

They manage their own investments as well as all of their customers

My father doesn't have faith that much money can be made in today's market but I plan on proving him wrong and showing him that together we can make this work!

I think the agent simply took market rent, applied them to all units, and used one of the R&M rules to come up with his number2. property manager listed no rent income for 6 months straight and suddenly for the very last month on paper there was an income of about 2800 dollars. this made me doubt if the entire income and expense reporting was accurate3. owner did not provide tax or insurance numbers - the listing agent estimated them...I also heard from the selling agent that one of the bigger units will be vacant from next month, due to eviction of tenants from rent delinquencies The owner is out of state and seems clueless on the operations of this building.

On an amortization schedule at 5% interest over 30 years, 192 payments have been made.