I've tried [too many times] to work with tenants under that price range and it always ends badly.

Allow water, sewer, trash, and gas bills to be directly in the tenant's name, and attached to the tenant rather than the landlord.

Once POA is in their system you can request any info including change of mailing address from your seller to yours, cancellation of policy, pay off request,etc.If you miss this simple step you may find yourself in hot waters looking for seller's whereabouts, cooperation, etc..

Here's the details:Purchase Price: $62,000Closing costs: approx $3,000Monthly Rent ($725, unit 3&4 currently rented)Unit 1- 600 (2br) -newer cabinets and carpetUnit 2- 450 (1br) -newer cabinets and carpetUnit 3- 350 (studio)Unit 4- 375 (1br)Monthly Expenses- ($488, not including management or maintenance)Insurance- 83tax-138 water- 47 (total house-city won't provide separate meters) trash-18 gas-50 (owner pays gas for unit 3 and 4, 1 water heater for both units) electricity- unknown sewer-26 unknown (estimate based on local rates - 26)Maintenance ???

My current plan is to purchase a HUD Owner Occupied property in the $150 to 200k range.

This at least gives you a ballpark range and let's you know of his asking price is anywhere near reasonable.

Aly NAHaha yeah that's what I used to say until I got a call at 1 AM telling me a tenant in Iowa busted the water pipe and it flooded there basement.

Also - legally, in NYS you cannot bill for water on multiple apartments if there is only one water meter.

My agent has pulled about a dozen comps in the area and a good number of them were in the $50K range.

All my master utilities, including all water for all units (plus laundry) are just over that, so it goes a long way in offsetting master utility costs.