Ask questions about the roof, systems (heat a/c, hot water) and depending on age asbestos issues.

., NORTH SYRACUSE, NY PARK LANE APARTMENTS 16 ONE BEDROOM APARTMENTS 32 TWO BEDROOM APARTMENTS RENT INCLUDES HEAT AND HOT WATER LAUNDRY ROOMS – 8 NORTH COLONY TOWN HOUSES 20 TWO BEDROOM, ONE AND ONE HALF BATHROOMS BASEMENTS WITH WASHER/DRYER HOOK-UPS TENANTS PAY ALL UNTILITIES WATER IS SEPERATELY METERED (TENANTS COULD BE BILLED FOR USAGE – NOT CURRENT POLICY) CONDITION OF PROPERTY: PARK LANE: ROOFS NEED TO BE REPLACED WINDOWS NEED TO BE REPLACED NEW BOILERS WERE INSTALLED IN 2009 DRIVEWAY NEEDS TO BE RESURFACED ALL APARTMENTS AND COMMON AREAS ARE IN GOOD SHAPE NORTH COLONY: ROOF WAS REPLACED IN 2009 WINDOWS WERE REPLACED IN 2009 DRIVEWAY NEEDS TO BE RESURFACED / REAR OF BUILDING NEEDS PAINTING FINANCIALS: OFFEERING PRICE $3,200,000 REPAIR INVESTMENT FROM SELLER $200,000 -SELLER WILL GIVE BUYER $200,000 AT CLOSING FOR ABOVE LISTED DEFERRED MAINTENANCE ITEMS PROFORMA P&L - MONTHLY RENTS @ 100% $44,000 LAUNDRY COINS $1,100 MONTHLY INCOME $45,100 EXPENSES MORTGAGE - $2,560,000 @5.5% FOR 25 YEARS $15,721 PROPERTY TAXES 9,700 PROPERTY INSURANCE 1,600 ELECTRIC & GAS (2013 ACTUALS) 1,700 WATER (2013 ACTUALS) 1,300 VACANCY ALLOWANCE – 8% 3,550 ALLOWANCE FOR MAINTENANCE 2,500 ($36,071) NET MONTHLY CASH FLOW $9,029 17% RETURN ON INVESTMENT OF $640,000 A few things to note.

Sorry Account Closed , I wasn't meaning to compare those two cities, I was just trying to explain why I personally like Dallas and Atlanta over other "hot" markets from a demographics point of view.  

The market here in BR is pretty hot but there's not a lot of inventory out there so I'm scouring the MLS and am sending letters to out of state homeowners to spur some activity.

If you dont have a scenario that pertains to any of these 4 then you'll need to refinance out your current FHA loan subject to qualifying for a conventional loan (credit, income, assets/value, etc) in order to be eligible for FHA financing again with low money down and red hot smokin letter of explanation.Hope that helps (above - this is why shopping for .125% in rate can cost you major opportunity cost)

I'm not surprised one bit about being held at gunpoint but, being a native to Detroit, I'm pretty aware of the "hot spots" :)@Nick Keesee Holding would be amazing but, i agree, the price for upkeep along with the price for rehab would be pretty high.

It's into this that I plug 'actual' repair costs, etc...The property I just purchased (for the purpose of hold & cashflow) had completed since 2010 the roof, windows, siding, electrical, plumbing, including hot water tank, new service from BC Hydro as well in the last 4 months a new bathroom, floors, fence and completely repainted.I know that the envelope (roof, etc..) will now last 25 years, the hot water tank 7-12.

For example, for a city infill lot in a hot market, it's not likely that someone is going to wait for you to get all of your permits before they will close on the deal.

You should be fine with owner-occupying, although if you're in a very hot area, you may have to compete with investors if you do not get it under contract before it is opened to non owner-occupants..Sometimes these things go for a few thousand more than what they are listed at.

Rachel Jackson welcome. your in a hot market!!!