Wondering if I am doing the right thing in purchasing this.The economy has several anchor points, the military, a naval hospital within walking distance, ship yards, ports, tourism "Virginia beach".These are the financials. $74,100 current rental income.$1,800 Laundry (old top load COIN (0.75c) washer/dryer, I believe this can be improved, with new card machines)ExpensesBldg Insurance        2976Flood Insurance      2690 (hoping this doesn't increase...)RE Tax                    6297Electricity                720 (decrease through more efficient lights/washer/dryer)Natural Gas            1200 (2 tankless water heaters, decrease through showerhead)Water/Sewage/Trash  4380 (don't know exactly how much for water, though trash is $33/unit, hoping to add water saving aerotors/showerhead/toilet to all units, maybe submetering)Lawn Care               540   (Will eliminate this due to me living on site) 7% - Vacancy               5187 (little turn over)7% - Management        48246% - Maintenance        4446Actual Income $75,900Expenses        $33,260Net Income      $42,640P&I                   $29,568P&I 2nd              $9,278End Cash Flow $3,79475% loan 5.25% fixed/amortized 5/25Seller financing 40k 6% over 5years So my question is, will this deal work?

Condos scare me.  1. you compete with apartments with big pocket 2. condos are first to loose value and last to gain (university locations may buck this trend) 3 limited buyer pool as opposed to sf because of shared walls, no yard, everything houses have but apartments dont 4 I like to decide when and by whom my maintenance is done (often me).   

In spite the tenant left and turned on the water full blast until the well went dry and the septic was overflowing into the yard, then called the municipal authorities to report to report a unhealthy sewage spill.

My neighbors have extended family, dogs, probably illegal additions, minimal yard work etc.  

I was living in Capitol Hill from June 2014/2015 and during that year I've posted hundreds of yard signs (stop calling them "bandit" signs, I've helped more sellers probably more than any other investor using these signs) and ever since I've noticed those "FIX N FLIPS" or "INVESTMENT PROPERTIES" signs that's when everything was ruined with this type of marketing.

It can be done but much more difficult than buying in your back yard. 

He placed my home at 25' setback which only left ~17' back yard, moving 5' forward may not sound like much, but it is, not only does it open the back yard up, it saves me 5' of dbl driveway concrete costs. 

I spend so much time at salvage shops, finding such great deals on building supplies and have no where to put them!

My hope is that the property will continue to gain value because of the multiple bedrooms, small fenced yard and parking, as well as proximity to public transportation in an area filling in with high rises.So my big question mark is whether to proceed, given that this house is directly across the street from a low-income housing development.

Home is a restored craftsman bungalow with hardwood floors, basement for laundry and storage, detached garage and yard.