Sounds good. 

And btw, I guess I'm super conservative, and also still a newbie, but I do 8% for vacancy and 10% each for capex and maintenance, because I'm assuming a long term hold, and that eventually *everything* will need to be replaced.  

listening to BP podcast interviews, I hear people say that the lender has the option to demand payment in full to transfer ownership, but they dont do that because they are happy to be getting paid. sounds like a scenario that could go against me if the current owner defaults on his loan, or if the title company wants me to take full control (which I was trying to avoid anyways with this whole tactic).

@Dom ChitDom: Sounds like a fun project. 

It sounds like you have something to offer, so you just need to make sure you work carefully to choose the right situation that will be beneficial to you in the long run. 

Sewer pipes had to be replaced ($1500) but after that no more issues.

Sounds like that may be even more of a concern when you're working in lower income areas, as they're probably going to have more issues.On top of that, the property is listed as a 4plex, yet the county records show it as a triplex with a garage (so they likely converted garage to an additional unit), and the "land use" is defined as single-family (which is confusing, because the same page says the property is a triplex).Will be talking to the current PM hopefully today to get his opinion on the property and area as well.

Corrected utility billings, implemented conservation efforts, such as replacing all exterior light fixtures, tightened policies and increased curb appeal and remodeled office & interiors.

Unlike poured foundations or brick/cement-block foundations, the stones aren't very uniform, so there is a little art to replacing individual stones.Sometimes you have to repoint the mortar in between the stones.

@Neel Jain, I think you are right on the Cap Rate. 12.31 doesn't sound right.