The appeal of a lease option, is ideally selling it to the first tenant so that I don't have to worry as much about them moving out and having to touch up paint, clean or replace carpet etc as well as market it vacant vs cash flowing.Is this actually a bad idea?  

Find something that needs paint, carpets, landscaping and cleaning, if possible.  

This is how I view your deal:Monthly Mortgage payment $603.92 (25% down, 5%, 30yr on 150k purchase)Taxes $280.00 Sewer and Water $66.67 (I spend about $400/year per apartment)Trash $75.00 ( 2 yard dumpster emptied every 2 weeks)Heat/Utilities $- (no common electric, basement or otherwise?)

T o me Not a problem it can probably be cleaned .

If someone cleaned out all of their stuff and paid rent to me for three or four years on an empty apartment, I would be as happy as a clam, because its not causing any more wear and tear on the property. 

Then, 2 weekends ago, I was cleaning out my grandfathers house as he recently passed.

The back door stairs need some power wash cleaning  and then if they look good you can leave them like that or you can paint them to match either the house color or the trim.  

Tenant only responsible for gas/electric. 

Several complaints to the city and he cleaned it all up and put in sod. 

a few days late since i am super busy with the current rehabs, but closed on #19 on thursday night. worked on it for awhile with the listing agent and the brokerage. they apparently have a great relationship with the feds and kept trying a few times to get the best price. about a month+ ago, it was listed at 72k, i believe. then a few days later it dropped to 64.9k. i offered 52, but they didn't take. they said they had another offer. then i offered 55 and stuck to it 3 times in a row. they said best they'd do at this time was 55.5, so i took it.it's in Garden City, but on the border with Westland. it's on a cross road (one that goes between 2 major roads, so that will push some people away. numbers look like this:purchase - 55.5krehab - who knows, after 18, i still can't estimate properly, but i am hoping $20k at mosttaxes - $2,500rent - average rent is $1,000the problem is that i am out of money right now and can't touch it until i am done with the latest 2 rehabs. i might do a little here and there like demo and cleaning up the yard of trees and such, but no major installs until we are done with the latest 2.my goal was 20 a year ago. i am close, so i just need a new goal.