You now need reserves for 2 homes and hopefully you haven't filed a loss on your tax return so you have negative income counting against you.

(actually a stop in Prague would be 99, but won't count it) Long day coming today-ft myers to detroit, then to amsterdam. then prague and on to Tallin Estonia.

Especially if it is an out of state investor who is really counting on you to watch his/her property.

Also I'd count some/all of the value for the first year's rent on the unit i occupied.

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The seller is under no obligation at all to work something out.Keep in mind that many investors count of you not buying, to steal the down payment (Oprion Price) take the rents and then repeat the process.Also, you lender will only count the amount paid in excess of the fair market rents toward any down payment.

The key here is the AREA.You say it's in town.I wouldn't count the rents in a better area of town.You have already said they have waiting lists and rents are higher in better parts of town.If I was a renter I would pay more to be in a safe place as well.When you have low income tenants you have more turnover,problems,and damage.Many of these tenants are unstable sometimes mentally and job wise.Their life isn't stable so neither is their income.I am not saying this to be the case with all low income tenants but based on averages this is the case many times.You can price in the risk for this property.I wouldn't pay 178,000 based on what you said just because of the area you describe.Plus the other units you have to dump in immediate cash to get them rent ready.On the utilities if they are not separately metered then don't spend the money if tenants are used to utilities included.They will just go down the street.You have to get right down to the heart of WHY this property has had so many problems in addition to just it's location over the years.Have you pulled a crime report for that complex??

You'd have to talk to a mortgage lender to see if they will count any rent.

HUD has gone through big changes in the last few months with many being negative.They are doing a lot of things that do not make sense.I haven't sold a HUD property in years because I just do commercial real estate now.Really think about this point for your career.If I a house is priced at 80k as the listing broker I will be paid.If you work with a buyer and ten offers are submitted you have only a 10% chance of getting paid with the accepted winning bid.On the REO side many have left the listing side because of asset managers 1% referral fee leaving them 2 if they are lucky before their broker split if they are not the broker.Count in BS designations that count a few hundred apiece each a year,conferences,computer platform fees,extending money for rekeys,offering cash for keys,and low price points and you make almost zilch for a big headache.With the Robo signing fiasco many banks are sitting on properties they own.This makes asset companies have to recruit agents for promise of potential listings by collecting fees.

I'm counting on the US govt trying to inflate away its debt problems, hencing 30 yr fixed loans at < 6% will be great long term.