You wont pass the 2% test, but you should be able to find something around 1.25-1.5%.

as i said, tenants do not care about it. i wont start using LED's unless they are the same price as spirals. true story.

that happed to me on house #30 or #31. but i got a $1,500 credit back.if the deal is good enough, i'd take it, but i can do plumbing quick, so not a big deal for me.btw, if you are geting a loan on that, you are lucky it happened now because the bank wont allow you a loan unless the pipes are there.that might be an option...tell the listing agent that if you back out, the next buyer HAS to be cash since they wont qualify for a loan.

The seller wont finance. 

He might be truly suffering from it.

Enrollment is up, town is busy, economy is goodSlight downturn hits the economy, student loan bubble pops (look into this)Lenders stop underwriting student loans or make them much more difficult to getEnrollment drops 15 - 20%Now the student population shrinks by 3,000Rents shrink significantly, vacancy increases significantlyCash flow is squeezed, some investors suffer foreclosure, no profit, etc.I believe that there is a bubble in student loan debt.

Basically he wont go through with it.

I have a fulltime job already so I wont be able to hit the 50% rule but my wife is currently staying home with our kids my accountant said she could qualify if she spent 750+ hours a year with the business. 

@Carol Labbe, something for that small of an amount with no income coming in, it probably wont be easy to get traditional bank financing or a commercial loan. 

All in I would say 35-40K- (10K of that being my investment).I am trying to BRRR but I am realistic that I wont get all my cash out.