Mike, thats because you do your own management and repairs.

If you know subcontractors that will give you a substantial discount, chances are you will save money over having the contractor complete the property.You will need to do your research and see what kind of discount you will get for purchasing before construction completion, and compare that with how much it will cost if you get the repairs completed on your own.

With rentals you will need to be ready 24/7 to make repairs on homes that people do not treat very well.

You might be able to show apreciated repair amounts to offset downpayment if a.

If you've built a good rapport with the seller, gotten a good idea about the repairs and you've done your comps you should be able to make an offer right there on the spot.

If you are financing and the lender is requiring repairs, then you will probably have to pay for some of them or ask the bank to split to get it closed.You have to remember that the bank may have hundereds of deals going, and there is a chain of command that these REOs go through.

Personally, I'd be more concerned if it did have a COA (condo *** board-not hoa) You do need to address long term issues such as repair and maintenance, of buildings and grounds, whether it is apartments or homes, and how that is done would be different.

True market value is what you would expect to get for the property after the repairs.

Meaning, you are not building reserves for expected and unexpected repairs you may face as well as vacancies.

*Needs Repairs?