Here is what we know so far:Out of state land lord Has been for sale for more than 3 monthsAsking price 240kBuilt in 1981Each unit is 1050 sqft 3/2 with utility roomRent is $1050 (I have not seen the actual numbers this is what the real estate agent told us)Landlord is paying water and trash but don't have those numbers.Two units are currently leased Last roof: unknown AC and water heaters are currently working but do not know when they were last replaced.

There must be a piece of the equation that I'm not getting.You mentioned that the owner bought the house for $105,000 - was that the price he paid for the property or is it the amount of the mortgage that you're referring to?

I am 25 years old and I recently closed a deal on my first house, last Monday actually!

So the next day I got a Uhaul and with the help of my children cut it into manageable pieces and hauled it to the dump.

If not, I think if you try and piece this together you are going to wind up in a bad spot....

@Chris Mcdaniel  Actually Dodd -Frank (2 idiots) didn't come into play till 2008 as I remember .In 2005 Texas was the first state to address LO's.

The design and permitting is complete, and we're awaiting the 4th and prob final contractor to submit their bid for the actual infrastructure construction (roads, storm drains, sewer, utility, etc).

Also, my husband and I will do the work on this one so we can get a feel for actual costs going forward.Arv is around 160.

When I asked for "good" agents / brokers, I meant someone has actually used them and had good experience with them.

You can always call a local insurance agent and get a price on a landlord policy for a property, you may have to make some assumptions but again, it is a what if to get you closer to actual numbers.