I had previously told the landlords the tree needed attention as it was causing damage to the roof.

House exterior is great, roof is new, electric and plumbing are new (he's a plumber by trade), and the foundation is in great shape.I did some rental comps, and I think I could get 650/month for it if it was finished nicely, and maybe 700/month if I add central AC (which I'd definitely look at doing if the numbers work).I offered him 17k, in cash, when I get back to town in January, and while he didn't accept it he also didn't hang up on me.

One partially remodeled kitchen and partially remodeled bathroom.)Entire back half of roof was replaced in 2013Interior of house is in good condition.Possible owner financing scenario:Down payment $10,000Amount financed $29,900Monthly payment -- $284.7530 year amortization10 year balloon payment No prepayment penaltyProforma Income and expense statement:Gross rent $9,720 ($460 per month + $350/mo.)Less vacancy 5% -486Net potential rent 9,234Expenses:Taxes 2012 $1,068 (taxes have been appealed.

As for tenant retention, I found this article useful because it sets the tone and signals the beginning of a positive landlord-tenant relationship.

Squirrels like to chew electric lines for some reason.I've had many foreclosures that needed roof immediately.

Now I need someone to diagnose a possible leak from roof to ceiling of garage.

So you cover those things under one roof.

The buildings need new roofs and some cosmetic updates, but I would say they are livable right now.

I think you'd be better off looking at this as an annual expense (partly offset by rental income).As someone else mentioned, you are likely to need to need a large down payment to buy this property, so don't forget to consider your cost of capital on that down payment.

For example, local vacancy rate, no property is rented forever, management, someone has to take care of the property, it could be you, having said that your time is worth something too so you should be paid something for it, funded reserve, mechanical depreciate in value and wear and tear will happen eventually and it would have to be taken care of i.e, roof, etc. 4.