You NEED that total number to be less that retail price, or you need to walk away. 

Both tenants looked to take good care of their spaces - house was in fantastic condition.David -- from the research I've done in the area the rent he currently charges seems on par - but I am totally going to check out rentometer - thanks so much for the tip.

No numbers, no deal, end of story.I bet buy and hold in promising in Twin with a strong rental market and influx of jobs.

Total newbie here....been renting my entire life and finally (at 33 yrs old) realizing that my military Basic Allowance for Housing (BAH) could be building equity and become a rental property instead of being put in someone else's pocket.  

you can shop with another lender, and see if the totals come out the same. 

Your best bet is to hire professional called an "expediter" to handle this.Here in NYC, I can get one to come take a look for $150.

Cash out of pocket $15,000, Purchase price $89,000, rehab $23,000, ARV $135,000, capital gain $12,000, 80% return on capital gains, monthly cash flow $463, 37% cash on cash return, total return for year 1 without appreciation: 125%.

The safe harbor applies to amounts paid during the tax year to acquire or produce what the regs call a “unit of property” (UOP), you must meet these requirements: (1) at the beginning of the tax year, the taxpayer has written accounting procedures treating as an expense for non-tax purposes amounts paid for property costing less than a specified dollar amount (which will be 2500 for you), or with an economic useful life of 12 months or less;.(2) the taxpayer treats the amount paid for the property as an expense on its books and records in accordance with its accounting procedures. ( do this on your bookkeeping software or whatever you utilize)(3) the amount paid for the UOP doesn't exceed $2,500. as substantiated by invoice.Note: The cost for the Unit of Property includes additional costs (for example, delivery fees, installation services, or similar costs) if these additional costs are included on the same invoice with the tangible property.Eg:A purchases 100 printers at $500 each for a total cost of $500,000 as indicated by the invoice.

Best bet now is to get some quotes on fixing it.

Hello all, I currently own 3 townhomes on a street with a total of 12 townhomes.