Peter,That is a rough area, just off of Freeman Mill Road.

We should have roughly $100k of equity with our current home.

So I figured sky commuters would be willing to fly 30 minutes from DC to get to their residence, and assumed a 15 minute trip to wherever they needed to take off from (this was all pre-9/11 of course). 

Or is this one of those things that you just have to figure out as you go?

It would be an FHA loan, orbiting a figure of 160k with 30 year payment.

The list price is just way too high, especially for investors, so the only real competition is OO bidders like myself.After reading valuable info in this forum, and cross-referencing reduced property prices on HUD Homestore against Zillow, I know that 10% for the first reduction is an accurate figure for the area I'm looking in.

If a toilet is running but not running over, I figure they should be able to wiggle the handle. 

I didn’t pull any permits for this project, figured I’d jump in get going an ask for forgiveness later on this project since It was the first one and I was kinda feeling it out being the first one.

How much value you do you place in old rent historical given that there is obviously inflation etc.Of course none of us has a crystal ball and rent can always come crashing back down with the change of tides... but I figured i'd start up a discussion.

The whole point of these type of  deals is for someone who wants to live in the 3br 2ba luxurious duplex while amortizing a larger mortgage and owning land outright vs condo association while paying less out of pocket then the comparable sq ft condo costs after assessments, etc.That top unit duplex pro-forma we figured $2750 w free parking spot.