My instincts tell me to buy as often as you have the down payment.

I live in NYC and depending on the condition and choice of finishes, some say $75k per floor for a total gut.

My gut feeling after walking though the house is that it feels too old and will be too costly in maintenance.Thank you all for responding, I am enjoying the learning experience.

Does a bathroom remodel scare you or would you enjoy gutting a smelly wreck of a house before you start putting it back together.  

They are also a little better for when you want to buy just the guts of something like a faucet and rebuild it, rather than swapping the whole thing. 

My gut reaction would be to tell her to add her commission on top of the deal.  

(Mine is way lower than this but we gut our holdings and rehab them). 

I have the opportunity to close on a deal next week I have a gut feeling that it's a good deal.2 houses in two (not so great areas in town)House #1 (3 bedroom 1 bath)Asking Price $34KCurrent tenants that are good screened and pay $700/month This house is an older home may need repairs but none immediately. 

Looks like a complete to the studs gut job + windows.

For example, one Freddie Mac foreclosure in that same neighborhood would have to be gutted to make it rentable, as you have to go through the kitchen to reach the one bathroom, and you have to go through one of the bedrooms to get to another of the bedrooms.