People who are comfortable living in a neighborhood expect to pay a certain amount.

comparable sales meaning houses sold within the neighborhood?

Aside from the painting, you will have holding costs, advertising expenses, realtor fees and misc. sales fees to contend with---although your gross profits are in the neighborhood of 30%, your net will be something significantly different.

So let me just expand for the BENEFIT OF FUTURE READERS and other newbies who think having a "mentor" is the be all and end all to becoming an investor.Why would you agree to a purchase price of $198K in a neighborhood of $90K to $145K houses?

Also neighborhoods and communities "age" and sometimes do not show their ages well.

I saw the notice of default and drove to the neighborhood and talked to the owner who happened to be in the front yard getting his paper.

Imagine if someone here was in your neighborhood could offer you something besides REI advice :)

She's driving neighborhoods and doing pretend cash flow analyses and running scenario after scenario in her mind and on paper.

They think those places have more "style" or "class" or something.

The home is in my neighborhood and I have been in it several times and am not too concenred with the condition.