What jumps out at me here is the fact that you've been carrying this property for 2 years and haven't been able to sell it for the price listed and have dropped the price to 479k..

First they are under water, second banking laws are such that it is very hard to finance making it harder to sell.

These are 5 attached 3 bedroom townhomes and 4 individual SF homes all on 1 acre of land.Please let me know if I am forgetting anything.Rent: $8,875.00Units: 9Maintenance $1,331.25Vacancy $443.75Property Manager $621.25Insurance $484.47Utilities $150 (calculated at 85% recapture on RUBS for water, gas and electric metered separately)Landscaping $300.00Advertising $73.96Ongoing Capital Expenses $887.50Taxes $702.63Purchase Price $385,000.00Rehab $78,100.00Holding Fees $17,750.00 (2 months rehab, some will rent sooner)Closing Costs $3,500.00Cash out of Pocket $484,350.00Additional ideas for extra income:Pet Rent - $10 per month per pet (the property has a huge green space for pets that I may actually fence in as a "dog park")Appliance Rental - $25 per month for w/d, $15 per month for refrigerator (I actually ran across this idea looking for my son an apartment recently)Property also has a big playground that I may remove -- not sure yet.Please let me know if there are other expenses that I am not calculating (hopefully they are small :))

A pipe froze in the basement when the thermostat battery died and now water is frozen on the wall and floor..

Further more, updating will have to happen at some point, because it reduces the maintenance expenses and costs.If a water heater is more than 6 years old when I buy a new place, I will replace it because it reduces the maintenance costs that usually wind up being more than the cost of a new one in those "extra" 6 years.

I believe PMI can drop off at 78% LTV, just under 80% now.

I just watched a video on BP that showed how bad a water bill can ruin a deal.

The day it dropped to $300,000 I went to look at it and put an offer on it.The seller represented the following in the listing:$81,320 revenue$26,220 expenses$55,100 NOIWhich, of course, I didn't believe, so I forecast the following from what information I could put together.

I think people just rather test the water rather than jump into the unknown.

The home seller is your supplier.So, I can get Beer Suppliers all day long, but if my only customers are Teen Dance clubs, I won't sell a drop.