This is the scenario I came up with:Renting the 2 other rooms up top at $500 at a room, upping the bottom separate rent to $1500, and renting out both the garage/shed units, I was estimating around $2675 total income.I would ask the bottom tenants to pay their own Water/sewer/garbage and electric, while offering it included to the tenants renting out the bedrooms up top.I estimated for a total of $15k in rehab costs since the property looks like it could use some TLC, assuming all the foundation/electric/plumbing are good.I also planned on keeping the train going and using another loan to secure another property 1 year after an FHA loan on this one, thus opening up the top unit for full rent or another room to be added.This is a screenshot of the calculation I made in excel.Let me know what you guys think.

I'm holding up on any offers...unless it's a really good BRRRR deal...because we are in uncharted waters. 

Louis investor.... best advice I can give is to do your homework, get familiar with terms, a few strategies, then test the waters!

It's a 1960 property and needs rehab (not immediate) but over the years, sits on a septic and own water well.World has changed in 3 weeks, and US in last week.

A water heater for a cheap house costs exactly the same as for a house double or trippple the price.

A month ago that request would have been a no go but we are now in unchartered waters.

Thank you for letting me follow along - I've already seen this is a pretty tight group (unlike the rest of the BP forums), so I'll try not to taint the waters. 

This will also mean more expenses (water/sewer, lawn care, etc.)

When the toilet is flushed the master bath is flooded almost reaching the master bed carpet and the said tenant also says that water reaches his side too.

I typically pay ~$1K for hot water heater but one was down and tenants had no hot water so I am paying $1.3K today because tenants need hot water and I could not easily find an alternative (slight high priority so it costs extra).Good luck