@Peter Ceo it's hard to answer the question without knowing your market.

Sometimes you can get lucky and the place is in livable shape, but those are hard to come by.

Look into hard money lenders, and find those value add deals.

I feel like the state of Iowa is tenant friendly state and you better be really promoting that vacancy.... you are 100% right it's hard to rent in Iowa in the winter.

How numbers works in this area... must be flip deal... as buy and hold is very hard in those two area...

My father got laid off in May and due to his age and high level of expertise its really hard to find a corporate job.

There are hard water line stains on the cinder blocks indicating flooding has been an issue before.

I am asking because I always come across discussions mentioning the 21 days rule, but never heard about the 60 day rule.This could have major implications, as by the 21 day rule, landlord would have to return the deposit by 07/21, and would potentially lose rental income for August, depending on the market, as rents are typically hard to collect after the deposit is returned.

I used the following values:Loan: 20% down, 30 years at 4.75%Vacancy: 10%Repairs: 12.5%Cap ex: 12.5%Management: 12%There is hardly any cash flow AND I used last year's tax appraisal value. 

It's hard to buy anything in Austin that would cash flow with 3.5% down.