Or try 700 because I know that average rent in my area is 6-700 for house in a little worse shape and older than this one.I also talked to a tax person and it sounds like you depreciate the purchase price over 27.5 years instead of just the assessed price so that helps.Do you guys think that having a higher rent leads to better tenants in an area that generally charges less?

Julie,I believe your plan to be sound. 15 v 30 is really a matter of preference.

Sounds good David just shoot me a text if you can make it.  

When I was 16, I saw my parents real estate investment take a turn in assisting them pursue financial freedom and when I was 17 I saw the effects of bad mortgages on a close extended family member.  

You sound like you have a similar background to where I was coming from - my folks had me mowing grass and fixing things, collecting rents and making payments for their rentals business when I was younger. 

Sorry to sound like  " Debby Downer " but this is how I see it.

Wholesaling is a hell of a lot harder than the seminars make it sound.

Sounds like it really fluctuates depending where you are at.

This site is wonderful for networking, contacts and gaining good sound information.

Sounds like they are selling on land value for redevelopment and not existing income.If they are making money and the area is improving they can wait for surrounding development demand to increase the dirt value for resale.If the owner is worth a lot of money they are taking the long view to value.