Rarely will you buy an older house without termite damage.  

Kristie Eddy - I'm a Rentec user too and extremely rarely do tenants have any problem giving bank info to get ACH setup. 

Considering it already has a tenant and rent is $540 a month, the 19k would be recovered in less than 4 years and that's with factoring $100 a month towards Capex and repairs (combined). 

I also want to practice analysis with a combination of HELOC and hard money but I just want to get the HELOC approach with the BRRR calculator straight. 

RARELY will you see something crack the 1% barrier (at least off the MLS) and usually it's gonna need some serious rehab and remodeling.

If, on the other hand, similar deals at that price are so rare that you'll never find one (or not in the time frame you or frequency you need), then the offer price is probably ridiculous.Investors WILL sometimes find deals at "ridiculous" prices for their area.  

Very roughly speaking, we cash flow, after expenses and debt service, about $100K per year working 10-15 hours per week on our two facilities combined.  

Although each house may not cash flow as much as you'd like, you'll have two opportunities for property appreciation, combined with two families paying your mortgage!

It does happen, but is rare enough that it's not an important factor.Attorney's offices usually don't call back.

However, financial freedom is what we all seek, and one source of income rarely provides it.