House happens to be only a couple of blocks from my house & I know a couple of houses in the neighborhood sold recently for 120-130,000 & they were smaller.Does the FHA non-insurable mean that it does not pass code for FHA to approve a mortgage?

What's going on in the neighborhood?

.#1 Tax Sales are SAFE, #2 (ROI) Returns are GUARANTEED, and #3 All Tax Sales are GOVERNMENT MANDATEDSuggestion: Attend a Few Sales at the Courthouse in your neighborhood.

Check out the neighborhood; understand the comps; determine any repairs needed; look at the leases; etc, etc, etc.However, assuming all that is satisfactory, the key point with rentals is to make money.Here is how I see your potential deal:Gross Rents: $3,890Operating Expenses: $1,945NOI: $1,945Mortgage: ($99,900, 30 yr, 8%) $733Cash Flow: $1,212 or $151/unit/monthThis is an EXCELLENT deal from a numbers standpoint.

I set up automatic e-mail notifications for those of my clients who prefer to watch the market in their particular type of property, price range, and/or neighborhood and let me know if they see something interesting.

I have had good tenants tell me that this person that is always at their house lives in the neighborhood and is just visiting.

.; current SEV $162,400; taxable value current $145122From the listing agent: Nice old lady has owned them for 30 years; built in '70's; currently has one vacancy; all units are 1 yr lease; half of tenants have been there for a very long time (years); other 8 units turn about 1x/yr; great neighborhood; upscale community; walking distance to downtown; roof is 4 years old; hot water heat (LL pays); "A" propertyHave not seen the inside yet, from the pictures I've seen the kitchen/bathrooms are outdated.

But I'm focusing my R.I. in a littel closer in established neighborhoods.

The houses had been selling in the $115,000 - 130,000 range in the neighborhood over the past two years.

The bad tenants make it bad for all of us.... they trash the property, disturb neighborhoods, run drug houses, lower property values and generally make our cities look tacky.