He also said the roof was leaking because one shingle needed to be replaced, but that did not explain why every room and bathrooms in the upstairs had water marks running down the walls.

Colorado and western investors will also perk up to this: it includes senior water rights.  

As a fix and flip, you may realize a more speedy return on your investment (if your current analysis holds water).

Monthly income is $1,995, PITI is $1,253, water/sewer is $110, and repair/maintenance set is apprx. $30/month.

It is 48 +/- acres zoned C-3 with water and sewer allocated.

If you would like to connect and talk more about Simi Valley or the rest of Ventura County, feel free to shoot me a private message.GuysThe water great out here in Riverside, some of us are making it big on little deals it's become a way of life.  

Does it create water problems inside the home or even a propensity for water problems?  

New roof, windows, water heater, and complete interior rehab.I can rent it for $1300/month and will refinance pulling all of my cash out for a 30 yr fixed PITI payment of around $650.My questions is do these numbers make sense for a long term buy and hold or should I flip this with a sale price of around $155-160?

Does it make sense to buy a couple more now and deal with the downturn or should I pool cash and wait?

Second, it's a 1 bed/1 bath so obviously that limits the pool of renters.