I have a 1 bedroom apartment in Worcester, Massachusetts and they tenants say they are moving out by the end of September.

Here's the break down First mortgage 139,750.22 Insurance, taxes and mortgage is $1,525Second Mortgage 50,000 payment is $150.00Its a 3 bedroom 2 bath, off street parking and a full basement unfinished. 

The property has fire damage so the kitchen and a bedroom need extensive repair and update. 

I have this nagging feeling that I am being too optimistic on my numbers.2 family unit, first floor is 1 bedroom 1 bath, has access to basement. 2nd floor is 2 bedroom [1 bedroom plus renovated attic], with small balcony in the back.The whole house is ready to move in, the current owner did a great job, recently she lost her husband and lost heart in owning this house.Asking price is $65,000.This is a small town in PA, population had been stagnant in the last 10 years, only 2% growth.

Turnover can be kind of high in one bedroom units.  

I used $500 as it was a good round number until I figure out how many are single bedroom, 2 bed room, etc as that will effect rent price.

Worst case I can't see renting it for less then $600 that would shock me.3 Bedroom 1 Bath..This one fell into my lap but what are the best methods for finding more like this?

I want to start a assisted living business with a 4 bedroom home and a business helps organize your thoughts, data, and it also drives you to your end goal. 

I am looking for financial backing of $16,000 to purchase a decent 2 bedroom house valued at $45,000.

It had an extension that was unfinished but I have no idea if it had permits to be a bedroom.