Please get preapproved first then you'll know what you can look for what price range you need to be in to give you more negotiating power.

Taking into account that you get what you pay for, would you have some starter,mid-range, and bellsandwhistles recommendations that you'd like to share?

Even IF you could fix it all for $15k plus the PP of $8k for a total of $23k, you'll be lucky to get $550 rent [on occasion between vacancies and vandal visits].Unless you have experience in this type of home I would make like Forrest Gump... and run away from this money pit.I tried this price range of homes when I first went full time a few years back and hated it.

I have the opportunity to purchase a $200k property with 6 units that range from $400 - $700/mo.

I have the opportunity to purchase a $200k property with 6 units that range from $400 - $700/mo.House #1: 3 Bed 1 bath Rents for $700/month (needs paint and probably new carpet) House #2: 2 Bed 1 bath Rents for $400/months ( needs no major work) House #3: Large 3 Bed 1 Bath Rents for $850/month (needs no major work) Tri Plex.

I'm looking in the 500k range of purchase price.Does any one out there want to weigh in on this as a first time endeavor?

I don't do vinyl siding or over the range microwaves.

LOC is for $625,000.We only secured loans in the range ($50,000 - $150,000) due to the business model we are following (although they haven't declined bigger loans amounts).

On the surface students want "cheap", but when they actually look at things: clean, modern, and convenient will win over price.In our "universityville" landlords range from larger companies with hundreds of units; Dick & Jane Public who have an accessory apartment in their basement.  

I see a bunch of single family homes within 20 miles of Seattle in the 50-90k range.