Pay attention to quality of construction, upgrades, size of lot, neighborhood, etc.

You lose your grandfathering when handling a large rehab on a vacant building which means more code upgrades and eyes on the property.

The wife put 40k worth of upgrades and is reluctant in selling and cutting ties with the improvements she has put into the home.

I now have a unit that is producing income with no one in it and I'm able to go in and clean, make repairs, upgrades etc.

If it is a turnover after a long term tenancy, we will "dry dock" the unit to do the inevitable maintenance, repairs and upgrades.

if thats the case $3000 Vacancy 8% - $2400 Assuming mortgage - $350 --$4200 so total anual gross income $30,000 so total expenses annually $22,890 leave me $7110 and then we need to use the 50% rule right for future upgrades and repairs $3555 repairs and the other $3555 annual cash flow so basically 300 bucks a month First time doing this hopefully I got it if anything looks off please let me know

That appraisal doesnt take into account any of the upgrades I've made(replaced laminate floors with engineered hard wood, laminate kitchen countertops with granite, paint, among smaller less mentionable things).

There are other units advertised at $299k without any of the upgrades we have (popcorn, lighting, appliances) but those units include the land.

@Ali Boone It has a Garmin 196 mounted to the controls, but when I start flying regularly I'll probably upgrade to something better.

We have dediced to put spend the time and money on a few cosmetic upgrades (vinyl plank flooring, counter tops, and new appliances) but I feel really good about this seemingly smaller risk property I can learn a lot from.