If the house is upside down then it may be possible depending on account and borrower circumstances. 

3bed/2bath/1car garageARV 145k20k in repairs neededPurchase price 130kRENT $1200Under most circumstances I would want to get this house MUCH MUCH cheaper...its directly across from Walmart home office and is VERY desirable area...appreciation will help in 5-10 years. 

Unfortunately this lake doesn’t have many level lots.

@Andrew Postel, I do know that FHA loans has the lowest unfortunately for me after walking from all I had after my divorce I do not have even that for the downpayment of an FHA loan. 

Unfortunately, you screwed it up from the beginning.

Unfortunately that is not how the cap rate is calculated.

@Blaine Cox unfortunately, there are so many unknowns in this transaction that its going to be hard to point you in the right direction. 

Unfortunately, I came back with a bitter story!

Hate to see people pass up opportunities based just on your unfortunate experience.

@Cody HallWhat you should do depends totally on your assets you bring to the table: time, money, credit, debtAnd what you need.And what you want out of investing.Generally those who turn to investing need to look at the following.Debt: if there is a lot of debt,and they don't cash flow with current circumstances to serve that debt, they need to choose strategies that create chunks of cash to pay down that debt.