Your capex/vac/repairs is pretty high, so if you lower that to 15-20%, that should provide that minimal cash flow, unless the place does require quite a bit of capex/repairs after your reno.

I dont care if i can get cash out just want to refi the property in time of the note expiring and lowering the interest rate and amort it over 20-30 years.

Many areas have home stead exemptions that can significantly lower the rate. so what current owner is paying may not be what you will be paying.Also what is the valuation the taxes were figured against compared to new sales price. those taxes could raise significantlyYour insure estimate would be extremely low compared to my area in Georgia.

We were able to get a 80% of rehab value on a 20 yr term at 6%.We decided to wait and do a traditional mortgage since it would return more of our cash and get us a better rate as well as a lower monthly payment.

So you can change the down easily enough if you find they actually put more down.This doesn't tell the whole story but it generally answers your question.What is left out is that when going to selling, the owner ends up spending about 8% of the value of a home on real estate agent fees, & other closing costs.So, selling a home at $120,000 costs the seller about 8% or $9,600Keep in mind that 3 different appraisers will give 3 different values and they could be 15% higher or lower than the other guy.

Hi Monte, returns are certainly better in Greensboro than Chapel Hill (meaning per square foot prices are lower in Greensboro) so if you are trying to get in the door, would suggest trying Greensboro.

However, in my experience there is a lot more competition for larger properties these days which translates to higher prices and lower returns.That may not be true in your area so I would encourage you to just review as many properties as possible and run the numbers on all of them.

I'm just thinking of ways to buy myself time. 45 days to identify the 1031 property is stressful and I definitely don't want to make a bad purchase decision because of timing.

It's doable and I could have handled more but your free time disappears quickly and depending on how your significant other views your real estate business, it can get stressful.

Its currently occupied and the rent being charged is way lower than comparable houses in the area.