It was suggested that the undercutting of prices from competition, mileage, mailing, printing, paper, toner and scanning, along with the cost of the LSA course, printer purchase and insurance, would all eat into your income, whittling it down to about $10/hr.Have any of you found this to be true?

Forget asking for your money back and call a lawyer to sue the contractor if it’s for more than $5-7k, if not the lawyers fees will eat up all you are trying to recover.

When you have lower rents (I keep everything about 1k/m to attract a certain tenant, but this is in Chicago where rents are skewed upwards) that 3k unexpected expense eats up a larger percentage of the rental income and can wipe out more months than a higher paying rent in a B class. 

With the slim margins, capex will eat you up. 

I know this has been renovated, but with such an inexpensive property when something does need fixing/replacing, it's eats into your reserves pretty hard.Similarly, I'd budget something for initial repairs/upgrades.

For example there is a big set back from the wetland boundary line that eats into your buildable area.

I am being conservative with my numbers so it is eating a lot of my cash flow.

@Nicho PruettIf they didnt flush it just replace the toilet if the did get a gallon or 2 of muriatic acid will eat through the concrete then flush with water no worries

Try to figure out average utility cost total for last 3 years from current owner and try to get a credit held in reserve so post closing you do not have the ongoing utilities cost eating so much into potential cash flow while you work on a long term solution.

The deal is going to be too small to eat the legal costs.