Here are the inputs:Purchase Price: $400-450K per propertyDownpayment + Closing Costs: $90-100K per propertyMortgage Payment: $2,000 - $2,200/month assuming $2K/year taxes and $1.5K/year insuranceTotal Monthly Rental Income renting out all the rooms (6 bedrooms x $700 rent per room on avg): $4,200Total Monthly Rental Income renting out all the top rooms (3 x 700) and renting the bottom unit to a family ($1,700): $3,800Total Net Rental Income Before Utilities/Maintenance/Reserves/Capex:  Low: $1,600, High: $2,000Utilities: ~$400 assuming that you pay for everything, internet, heat, electric, gas, water, storm drainageMaintenance/Reserves/Capex: $400 to have enough to cover any items that could need repair, maintenance, etc and accounting for age of house and more wear and tear Total Net Cash Flow Per Month: Low: $800/month High: $1,200/month, Middle: $1,000/monthAlso, I didn't include you adding any extra rental income for for adding utilities to rent/garage spots rent/etc, so these cash flow numbers are very conservative but realistic. 

I’m running into and issue, during inspection we found some water damage to a portion of the subfloor and joist under the kitchen sink.

I washed with vinegar or TSP until the water ran clear.  

See: https://www.cookcountyil.gov/content/just-housing-amendment-human-rights-ordinance- Schedule your free ComEd energy assessment and get free areators, insulation, smart power strips, water saving showheads, etc.

Heavy sodium hypochlorite will kill any mold or mildew spores out there, as chlorine kills virtually anything that it comes into contact with (some protozoa and cysts can escape in water).

We planted a seed with the listing agent (since the property had been on the market a while), I came back around and watered that seed and BOOM that flower came up through the dirt and we plucked it!

But in the area it’s possible the water freezes in the winter.

You are in treacherous waters here ... the prospective tenant told you they were receiving disability making them a protected class so be careful. 

Even a $50,000 home needs a new boiler, roof, water hear, and to repair regular wear and tear.

The owner has been selling the park owned homes either for cash or on a rent to own.Taxes are $45k/yearThis park is on city water but a private sewer.