Let's say you calculate the NOI closer to 45K and ask of $450,000.

 @Al Williamson@Lee PriceI'm not interested in holding a D class property so I more then likely just flip this deal,  most of the tenants have been there for years, the property is located very close to downtown Houston and the owner was originally at 500k now I have him down to 400k trying to get a contract for closer to 350k.

I will definitely reach out in the near future as we get closer to our first purchase.

Our goal was to hold for 1 to 2 years and then if it goes well, we would sell and start investing closer to were we live.  

Keep in mind that in this industry you want to get your name out there as a closer.

So even if they bought at the high point in 2005-2006 they had enough equity to weather the storm not to mention rents went up 10-12% in these smaller units in these multi unit buildings as the recession brought a larger demand for rentals especially rentals in the $800-$1000 range.As you get into Elgin, where you have more options, you get closer to the 2% rule working but most times the property taxes throw your numbers off in that area.

Before you dive into neighborhoods you do not know it would be wise to start out with an safer and easier investment closer to home.... just my .02c

Well ,in the grass " There are no tire tracks in the grass ."

Our office just sold a property in about two weeks closer to Newbold for over $200k.  

Hey BP,We find ourselves rather abruptly moving to be closer to my FIL during his last months/years with a terminal illness.