These are my thoughts am I hope to hear from your opinion.On a side note, I tend to over-spend during rehab because I prefer make everything new or in good condition to avoid potential service calls from tenants as much as possible.

Renters left house in awful condition with **** on the floor and sex toys lying around.

A breakeven property this year is earning 5% more next year, then 5% more the year after that, etc...However, before you buy your breakeven property, make sure the following conditions are met:- You must underwrite the property properly, accounting for maintenance and capex and vacancy.

Take printed pictures to document the condition of the property before and after.

It's been a while since I posted anything about the general market conditions in Ogden. 

Is it in good condition currently?

They will charge 8 to 10% based on property condition and the local market.After you remove all the extra expenses from your balance sheet, this deal might be tenable. 

When prices drop so that you are underwater on your loans and then you can't make your payments (presumably because tenants don't pay or because you can't keep/or get the property to a rentable condition) or if your lender makes an equity call and you can't come up with any money so the lender calls the loan and you can't pay or sell without a loss (rare).

You have to decide if your willing to pay for empty lots (what's the condition of electrical, water, sewer, cement pad etc at these empties) and the Value of the park owned homes.

I manage the property from out of state but does not require much considering the condition of the home.