There's always some kind of built-in expense ratios for things like vacancy, property management (even if you're not using one), reserves, etc.The other problem I see may be the appraisal. 

I may also get involved in buying some lots suitable for building, if I can get them very inexpensively, as there is not now, nor do I expect there to soon be much building going on around here for a while, until the foreclosure market gets bought up more. 

Also, there are inexpensive devices to alert you  to the presents of water.

I bought her an inexpensive ring and proposed to her but we never wanted to spend the money on the wedding because eventually it just became a piece of paper.

This is inexpensive considering all things.

I told him we were only interested if we were able to pick up something relatively inexpensive (our rent payment was crazy high) giving preference to a home with the potential for rental income.He sets up another search and at this point he falls off the face of the earth.

There are some large areas that are pretty reliably bad, but those are also the areas where OOS investors can easily find inexpensive properties. 

At worst their investment will lose the property securing the loan, at best they will be tied up in expensive litigation for years.

This inexpensive gift may pay dividends later when you or your tenants have to pile your bins a mile high to get rid of waste/debris or ignore that block of cement in your trash can..Apparently, these are the most important people in my real estate life..

Also, you need to dial in expenses.