I had a tenant run up a $1200 water/sewer bill and get evicted - I had to pay it.

Got it dropped to $80 via inspection, ARV $161kBoA: List $84k, bid $62k, accepted.

She may drop the price $18K ($44K-$26)... who knows?

As such, price for fixerupper properties have dropped to lows not seen in a generation".I'm guessing this house is south of E Edenton, between Blount and East Streets... or in the E Jones/Edenton area (Idlewild) area.

They did not want to negotiate on price (even if we dropped it to appraised value) - they seemed to have gotten cold feet - and used the appraisal contingency to get out of the contract without penalty.

There is a pool, playground and basketball ct.Specifics:$150k cash for all 32 units.Expenses are higher than usual as they include a $300 per building HOA cost for pool and landscape maintenance.Owner pays only water about $125 per building.Property tax:$1300/buildingInsurance $600Vacancy needs to be assumed highBuildings were built in 1971 so expense ratio will be above 50%.Onsite resident manager and super on site in exchange for free rent of a 2bd and 1bd.Although price per door is less than $5k the high expense ratio, low vacancy and sketch neighborhood have my ROI questionable and giving me very cold feet.

That’s too much going on for me to feel comfortable dropping tens of thousands of dollars.If they weren’t giving a d*mn how they were representing themselves, how could I expect them to care about my money or what I was going to get out of the situation?

Sounds like the estimate from them is based on closing on the 15th, so if another date is used then the numbers will fluctuate.The unknowns are unknown, otherwise the things would be known and itemized on the estimate.Now, if the lender will be escrowing taxes and insurance, then the determination of the disbursement schedule and resulting "low water" escrow balance (1/6 of annual total due to be paid into escrow) tends to move a bit when the settlement date moves.

The areas that experienced the largest property value drops (and thus have the greatest deals now) are the areas where the local banks have been burned the worst, and these banks are under pressure from their regulators and their own Boards, and have either completely withdrawn from investment property lending, or are severely limiting it.You would also be well-served to cultivate some private lenders, and disintermediate the banks out of the picture, as they're just a PITA.

The thing is, the price wasn't even that great--it was just OK, and they only had a few thousand in wiggle room to drop the price, although it was a nice looking property.