The home is updated 800 sq foot w a 2 car garage for $45K (asking price).

So my phone started ringing off the hook from a good investor client in regards to a property that was newly listed. https://www.zillow.com/homes/8620-vallance-road,-leroy,-NY_rb/ (it came in his MLS feed, but you can all get to Zillow)I pulled it up and it was a REO, the number of $84,500 on an over 3000 sq foot house on an acre of land in Leroy, NY made me take a second look. 5 bed, 2.5 bath, vinyl, huge rooms, 2 fireplaces.

The deal could ask probably will be tied up under contract before you even set foot in the door if it is decent.

Also is there any type of historical data or chart that would show how the rentable cost per square foot would be negatively impacted per percentage of downturn of market value of the property?

In actuality, tremendous amount of roof damage, a foot of water in the crawl and the whole structure was eaten up by termites. 

Upgraded electric, Kitchen, added 2 bedrooms, HVAC replaced, Water Heater was new, Kitchen all new, Bathroom Iron claw foot soaker tub with shower and curtain.  4 Beds, 1 bath.  

Only just last month is when I put my foot down and actually started handing out pay or quit notices and being very stern with my tenants.

I think if they are currently selling for over $300 per sq foot, it better look perfect inside. 

Hi all I’m fairly new to real estate investing and figured I start with wholesale in order to get my foot in the door and build some capital.

Bingo!