Picked them up for 1900 each, 10k in rehab, roughly better than $500 net / month after PM cost / taxes. 

In looking at the numbers, I can buy a 3BR SFR for roughly $275,000, live in one of the rooms and rent out the other two for a total income of about $1800/month (before expenses). 

I recently discovered that two properties I am interested in are located in a rough neighborhood.

(Taxes are pretty rough around here, this actually being one of the lower tax regions in the immediate vicinity).Roof was a complete tear off in 2014, but I'm definitely going to need to do the due diligence on the mechanicals (and capex/maintenance history).

I know my profit will vary some but after calculating my initial costs, holding costs, and resale costs, I am expecting to make roughly $20,000.

I just used a rough figure.

That should give you a rough estimate

@Gilbert Ross Jr I understand the process of a foreclosure my question is what does the owner of said foreclosure now responsible for when it is bought besides property taxes and making sure there are no code violations....For New Jersey & Pennsylvania the length it takes from pre-foreclosure to foreclosure is 270 days or roughly 9 months For the state of New York it is 445 days or 1 year 2 months and 20 days Unless laws have change due to the recession we just had

At least we'll have stories to tell when we will be old enough to reminisce what we did in the "good old day"!

When submitting my offer, should it contain the list of repairs and estimated costs, which currently sits at a very rough, high estimate of 20k?