Getting a ground floor opportunity to watch how he handles his investments.

However, I don't think rents will decline greatly since the dorm rates at the university will set something of a floor.

This would give me a relatively safe monthly repair/maintenance budget for the home itself (roof, windows, walls, flooring, plumbing, electrical, etc).

I'm a little confused about how the depreciation works on items that don't last 27.5 years, such as flooring, appliances, cabinets, etc.

However, I viewed a 2/1 home that was renovated, new roof, flooring, paint, ac, etc for $26k that rents for $425 and is currently occupied.My old town is only 90 miles away and I'd be up there at least twice a month and would have a property management company manage the properties.

New rental developments commonly have things like:[list]Nearby shopping or multi-use buildings w/retail on ground floor and lofts above.Nearby parking and extra storage available.Wireless Internet.Upgraded [fill in the blank]Ready access to public transportation or vouchers/subsidiesLaundry in-unit[/list:u]I have no idea what the market is like in your area and it does seem tough right now all around, but it might be worth looking at what you have (or have not) done with your rentals and see if you are still offering something competitive.With the explosive growth in RE investments, many by newbies who spent far too much money upgrading rentals, there are both more rentals on the market and they're in better average condition than before.

Worst case, you buy one that's ground floor with a patio instead of a balcony, but if it's basement, stay away.

Here's how...You only do two things to the property which are:Flooring and Paint.So do cheap carpet and lino on the floors, don't try to install it yourself.

Then you'll have a hurricane hit Virginia and a huge tree will crash through the roof of your nicest home, destroying the roof and most of the 2nd floor, and the insurance company will claim it was a mudslide, not a hurricane and you're not covered.

Four story building on the fourth floor in Queens, 5 minute walk from Subway, 20 minutes from Manhattan on subway, 10 minutes on high speed express LIRR.175K price.8.5K down from me.