I am buying a 34 acre tract in Oregon closing in Dec.. for 7.4 million cash / well I am getting some financing of course.. but the owner bought it 40 years or so ago.. for probably less than 50k.. no need to be a developer its one and done for him  we are peeling off 5 acres for senior living I have it pre sold for 2.2 million cash.. and then I will build 90 homes on the balance of it.. but it makes sense our MAI came back and lots are worth 140k each .. but we have to pay 30k each to develop those of course but still nice margin just on the dirt.. and then we go vertical and make some really big money.. 

We are pricing it in line with what's in the market for the area. 

@Andrew Newlon we are also new to REInvesting in Springfield.

And see if you can up the rent for additional wear and tear. ;-)

After all, the pets are causing wear and tear/damage to your property.

We are hoping to make it that way next week.

We are now getting close to the end of her lease September 30th, and she is going to be late this month.

Taking courses, classes, reading many books, going to RE meetups, listening to podcast...and now we are getting experiencing with finding deals, analyzing them and sending out offers.

We are seeking some first time real estate investor advice.

Even with some repairs and 3% standard vacancy rates my calculation was around $700 positive cash flow per month.Also we are doing 30% downpayment in the new property so 8K pm (MIT) is the opportunity  cost for 30% equity and not 10% ,correct?