It would seem hard to negotiate a lower asking price if the seller needs to sell for what was owed on the house.

There aren't many 2 car garages in the area that are this usable (some are mostly unusable).Initial Repairs: $7-10k (mainly new paint, carpet, lower cabinets in the kitchen, glass block in basement and upstairs bathroom, updating bathroom)Expected Rent: $700/mo (probably doing Section 8)Expenses = $310/mo (based on items below).10% Property Management: $70/mo10% repairs/maintenance: $70/moRE Taxes: $35/moInsurance: $57/mo10% Cap X: $70/moI've used different real estate calculators but since they ask for the information differently I seem to be getting different numbers for my cash on cash returns and cash flow.

Zack Karp In fact that lender didn’t use the projected rent but the current one which is way lower than what we expect to get as the house will be rented by room to students.

The kids paid the 'lower priced' bidder of $8k for that bathroom rehab & had already bought all the fittings, tub & tile etc.

says the borrower), half the time it's too high (which sets the borrower up to be disappointed when the accurate number is lower than what I said).

@Jon Holdman It appears on the surface that the risk is lower on a vacant piece of land, but insurance exists for the things you can't see.

I checked the property appraisal for the sell price and it was $172,700, even lower than the county appraisal value of $206,607.

- Do you lower your CoC and monthly CF as interest rates increase or do you look for a better deal? 

The building does have quest water lines that are all behind drywall except when they connect to fixtures and appliances.It would be expensive to repipe this as a lot of drywall would have to be cut and then repaired.I know it's a risk to wait for a leak to start and then to repair just that section.I'm getting an ok buy price and the seller won't go any lower.  

I have a question about the timing of the modification:Example: my borrower has 10k in arrears, and an interest rate of 12%Let's say I call him up and we agree on him paying 5k in arrears, I forgive the other 5k and I lower his rate to 10%.