Current cash flow is $557/MO - Cap Rate 6.9% and COC 18%.Does this sound like a great opportunity?

well at this rate they will get this stuff cleaned up.. now is the time to purchase one of those for a deep discount :).. 

@Jeremy BourgeoisYou couldAlso refinance it from another lenderDon’t assume they will extend it as they could sell the note - or they also could increase the interest rate to whatever they want as they have you by the you know whatI would look to partner with someone on developing it

Knoxville has a big upside for sure so holding it, especially with that rate is quite enticing.

I'm not looking to refinance my NJ property because I have a great interest rate. 

I get a Landlord policy and pay a higher rate while they are vacant.If you have major structural work to do then get builders risk insurance, otherwise just hire licensed and insured workers for cosmetic work.

On the other hand, renting out your home could provide steady income to cover your mortgage and offer tax benefits, all while maintaining your current low mortgage rate.

unfortunately, with both rates and prices high, it is very, very difficult to cash flow, even in a low cost market.i understand that not everyone's personal / family situation permits them to house hack, but there's no better way to get started. 

What’s an attractive price point and cap rate?

Hi Felipe,Most title companies will give you an estimate for their fees but tell them you're an investor and ask for investor rates.