I am a Veteran of the United States Marine Corps, and I have utilized my VA home loan to purchase our first home with no money down.

By having a tenant in there you have a producing asset that cash flows positive.  

Here are the knowns:Rent per tenant: $750 (this is below market value due to deferred maintenance, I believe $1,000-1,200 is more realistic)Property taxes: $900 per yearLandlord insurance: $1,000 per yearLandlord pays water/trash: claims to be $125 per month (will ask for proof)Landlord is in charge of snow removal and mowing lawnThere are 5 electric meters, each tenant pays their own (landlord covers hallway and outdoor lights)What I plan to ask for is the copies of the leases, copies of the utility bills, and copies of bank statements showing the tenants are actually paying on time.

The “seller” will buy back these two tracks with the proceeds of MUD bonds he sold to reimburse himself for advancing $8 million for utilities improvements.

I walked into a 55k triplex with drop ceilings stained and falling down, rats fighting to get off sticky traps, no HVAC or separate utilities, and the back foundation dropped so much the floor buckled.

City has liens on them for cleanup and unpaid utility bills.

The strongest arguments suggest that rent control produces unintended consequences of making housing stock more scarce in the long run.The Oregon law allows a 7% annual increase, plus inflation. 

I then did my research over the next 24 hours and found more than a few red flags:Current Owner was in default on a 100% financing loan.A simple call to the Title Company revealed the offer was not yet approved.I then wrote him an email asking for the HOA bylaws, he could not produce them.

.- Underestimating utility bills.- THE BIGGEST ONE: underestimating or completely excluding vacancy and maintenance reserves.

This property is stabilized and producing great cash flow and providing double digit returns.