My thinking is that there is room to raise rents, perhaps screen for better tenants that take care of the place and decrease the maintenance cost and get the NOI up above $100k/yr.I would appreciate any advise that anybody has to offer whether its something I am overlooking, something I should look more into or what your thoughts are regarding moving forward with this deal or not.

Somewhere between $100 and $ 1,000,000 should cover the estimate .There is no way to give you a number even close 

NOVA might be different because it is a more expensive area but credit is not that important to us when screening. 

Hi all!

Newbie pending landlord.

Which sites/services would you recommend/have experience with for background checks and credit checks?

Thank you!

Mari

Well, I think that I cover it in this article in a bit of detail: https://www.biggerpockets.com/blogs/10145/66160-ho...There are not a lot of markets left right now that haven't had a large price run up.

On commercial apts or with an older seller there is usually a 5yr balloon.Offering a payment of $250 on a $100k house probably won't cover even his $25k mortgage payment. 

Do you wall-mounted electrical boxes for flat screen TVs?

I wouldn't even think about making the extra payments, especially because you're looking to invest in more real estate based on your profile.  3.625% may be the cheapest money you'll ever get and with the house hack, it seems like most, if not all, of your expenses are covered and your housing costs are pretty cheap. 

FHA needs 75% of the rent to cover the mortgage. 

I’ve discussed with my lender the option of a 203k loan but my question for you is does this loan only cover renovations to update an property to FHA guidelines or can it be used for any renovation to the property such as additions?