It’s an amazing location, double block with albeit a beautiful run down house that looks like they may have encountered financial problems/heritage permit problems.I’m  thinking about dropping a letter in the mail box with a super low ball offer that will hopefully give me an idea of the owner ever swings past or not.Love to hear if anyone has had any success 

I'd be curious to see how many of those permitted ADUs were existing housing units, just legalized. 

This is based on my knowledge investing in the same county, Lake County (Eustis and Leesburg) but not specifically Mount Dora.Expenses: Mortgage- (includes taxes, Insurance, HOA if you have an escrow)Electric- (hopefully the meters on the units are split or this will be your expense) VerifyWater - (usually not split in many multi-family) Verify, in my experience that cost will be at least $100 per unit so $300+ as it includes Sewer and Trash.Gas - (if there is 1 gas meter then you probably will be accountable for that cost if all units have gas) Verify that there are 3 that is split.Rental Permit- Some cities have this, friends of mines that rent in Mount Dora has told me in the past that they require a yearly permit for this.

Purchase price: $165,000 Cash invested: $14,000 I bought this house just to have a place to live while I went to college.

I really want to try it out and see if my heart is in real estate before I spend all this money for college.

The local county or town gov't may not permit you to do this. 

Keep this in mind when applying for permit.

College student?

I am new to investing and have just one rental property -a condo unit- near a college campus.  

@Isaac Hayes I have never heard of a conventional lender doing this...you're looking at single family (1-4 unit) properties...unless you are using a renovation style loan or hard money, I highly doubt any mortgage originator using conforming guidelines would touch this...Down payment is skin in the game...a lender permitting you to retain your investment account without collecting your down payment?...