We used bonds exclusively in CA to build out larger projects IE 200 to 500 lot communities. 

The rent numbers are probably true, filled with people who cannot pass other landlord criterias and have no choice where they rent, but the house is probably borderline condemnable.

@John MillsLooks a lot like the real sale price is $80k, the unsecured note for $20k is bogus; just to make an $80k sale look like a $100k sale so that a buyer can obtain a larger loan based on the $100k sale price.I’m not saying the above scenario is correct, just that from the little information provided that is what is looks like.

knocked down a wall to make larger and more functional living room, remodeled galley kitchen with laminate counter-tops and tile.

knocked down a wall to make larger and more functional living room, remodeled galley kitchen with laminate counter-tops and tile.

It'll be a personal preference choice. 

Our experience so far has been that the highly recommended and fair contractors are booked through the end of the year (2019) and the "larger name" kitchen & bath companies are charging 40-50% higher than other estimates.Any recommendations would be greatly appreciated! 

@Courtney Johnson, if you're interested in Kinston, there's a larger park that I believe is still available (~$400,000) and would be a much better deal than what you've outlined.

It's great for investors to have choices,  diversification by geography, niche and operator.Some of the most famous names you know in investment world do just that. 

The long-term plan is to convert that equity into larger deals such as apartments (but I'm not quite there yet).The only reason I've been able to do all of this though is because I have a really solid W2 and I don't need to count on the rental income.