His quality of work is excellent! 

If you don't want the property demolished I would recommend calling code enforcement and having one of their inspectors look at the property to tell you what needs repaired so the home isn't demolished. 

lets say in this market your actual cash on cash with quality assets is about 5 to 7% return I think that's pretty fair in todays market on 100k rentals.. so lets say 7%  of 25k.. give you 1700 a year in cash flow net.now lets say you bought a quality performing note secured on the exact same collateral.. only instead of investing 100% of value your the bank at 65%  so you loan 65k  your spent 75k on your down payments to generate 3X 1700 a year.and your performing NOTE on the exact same assets  at 65k is making 9%  which is quite doable.. so roughly 5900 a year in come on your note.. and you have ZERO cost to your note.. its just pays every month.. into your account.. so take your 5900  and 3X 1700 5100  that's 11k a year .. pay down one 75k note you will pay this off in about 7 years .your note at 65% LTV being interest only is still worth 65k.. its just a cash flow machine.. and now your free and clear asset just dropped a 500 a month payment ( just spit balling.. ) now you have another 16k a year to pay down your next note which has been paid down to say 65k with normal payments so in 5 years that's paid for then you do the next one and its paid for in 4 year lets say.. so in about 16 years you now have 3 paid for houses and your 65k note as its still an interest only note.. and its all equity.you income on those three homes and your note.. brings you up to about 3k a month or so.. and its all paid for. not a bad use of 150k to start with.. and pretty manageable for home.Or you could just buy 3 notes to start with making 14k a year in income and save it for 5 to 6 years and pay cash for homes going forward.. few ways to work it.. 

Have your agent ask, they’re required to tell you that information and when/if it was repaired. 

He is asking $160,000 and there is prob $40 to $60,000 for repairs.  

Whole hall way already smells with mold, cracked glass blocks etc...estimated repairs between 10k-20k.

Your 6% each on vacancy, repairs, cap ex looks a little low.  

The smart lock allows me to assign codes for different tenants, remove codes when they leave, lock and unlock doors for repair people all without having to be there. 

@Kevin Brenner a couple of questions that can help answer your questions:What is the After Repair Value on the property?

Property is located in the Spring, Texas area List Price $155,000Taxes $4,279/YRRent: $1,550-$1,600We would be putting 20% downInsurance: $1,100Potential Neighborhood fee of $100. annuallyIn my calculation I figured in Property Management (5%) we plan on managing it ourselves but felt we should still build that in.  10% for Vacancy and 5% for Repairs monthly.