The exit strategy worst case scenario determines how far under water this building really is in today's market.

I once knew of a situation where a tenant who had their water cut off ran a water hose with dual female couplings from their neighbor's house to theirs at night and fed their house with water the neighbor was paying for, until the cops caught them one night. 

The inspector pointed out the following:- Clogged gutter(s): one had tree roots growing inside- Caulking and/or cementing needed on outside of the house to seal gaps- Filthy crawlspace with water intrusion (possibly due to clogged gutters).

He also said the roof was leaking because one shingle needed to be replaced, but that did not explain why every room and bathrooms in the upstairs had water marks running down the walls.

Colorado and western investors will also perk up to this: it includes senior water rights.  

As a fix and flip, you may realize a more speedy return on your investment (if your current analysis holds water).

Monthly income is $1,995, PITI is $1,253, water/sewer is $110, and repair/maintenance set is apprx. $30/month.

It is 48 +/- acres zoned C-3 with water and sewer allocated.

I have never seen a good deal left on the table because of lack of a buyer.So, you may want to reverse course and start with finding a good deal, then another and you will be well on your way to REI success.In the interim below are some links to catch up on.http://www.biggerpockets.com/starthere http://www.biggerpockets.com/ubg http://www.biggerpockets.com/meet Setting up Keyword Alerts How to Use @Mentions on BiggerPockets 25 Tips for Real Estate SuccessREI can be very daunting, but, before you go searching for that 1st buy, please take a few minutes to bone up on the tips in link below.http://www.realestate.com/advice/buying-your-first-investment-property/ However, this site thrives on interactions and as such we encourage two way exchanges and look forward to educational and thought provoking ideas relevant to REI.

If you would like to connect and talk more about Simi Valley or the rest of Ventura County, feel free to shoot me a private message.GuysThe water great out here in Riverside, some of us are making it big on little deals it's become a way of life.