sounds pretty solid to me, but I'm going to follow along to see what people say here. 

Sure you are rained out today as we are getting some solid rain here in Rock Hill as well.Alex

You're going to need a lot less capital to start there and it's actually a pretty solid city.  

It also seems to be standard practice to glue right on a wood subsurface. 

Look for soft/rotted wood or siding;  especially near the ground.  

Item Cost Life years Months Cost Per Month Roof $ 6,000.00 25 300 $ 20.00 HVAC $ 4,500.00 15 180 $ 25.00 Hot H2O $ 550.00 8 96 $ 5.73 Flooring Carpet $ 1,800.00 5 60 $ 30.00 Flooring Laminate Wood $ 1,800.00 10 120 $ 15.00 Interior Paint $ 2,500.00 6 72 $ 34.72 Exterior Paint $ 3,000.00 8 96 $ 31.25 Revamp Plumbing $ 1,500.00 20 240 $ 6.25 Revamp Electrical $ 3,500.00 30 360 $ 9.72 Misc $ 200.00 1 12 $ 16.67 Monthly CapEx Allowance _ _ _ $ 179.34 

Just carpet and vinyl will cost you $1500 and paint inside about the same, you know how it goes.All that would not be a disaster if you had solid cash flow, but without cash flow it's not good. 

@Or Yeger  quality first you will pay differently for in different markets..what your looking for is Yield the Yeilds will be dictate what you pay for the note.Many quality performing notes that are say 7 to 10% will be sold at Par.In my ever it to be humble opinion buying a note that was purchased as a NPN and is no performing is very risky.. the chance that you will be right back into NPN status is pretty great probably 50% chance or better.I like performing notes with good solid borrowers not notes were the borrower has already defaulted as they now know how its done.. plus ower occ notes have all sorts of rules and regs you have to follow .

I also have a 720 FICO credit score and will be living with my parents rent free for a year.With that said I have a solid credit score, decent income, enough for a 20% down payment, and little debt.

So you budget for carpet, wood flooring, maybe some updated countertops, some paint, etc.