I started out with forms that I downloaded from bigger pockets by Michele and Bruce Fischer --podcast 79 (low-income housing), the templates that came with Buildium (our property managment software), and a lease written by a local lawyer that does the most evictions in our county.

I highly doubt that you will be able to create $25,000 of equity with $1,000 worth of repairs (which seems a bit low anyway)  Other than that it doesn't look bad but it all depends on the area.

The first appraisal seems a little on the low side (nice for you).

If I am to get into REI the soonest, it seems that wholesaling would be my only option due to it's low barrier to entry (at least in regards to cost).

----------------------------------------------SO............ my personal experiences seems to be far different than those that are really stating that these higher priced MSAs are not good for investing.BUT, as you can see, I have been incredibly successful by investing in these higher MSAs, but in my specific locations in Brooklyn, looking for higher rental appreciation and value appreciation as well as a large supply of great tenants and low crime.When I now go back to the article, which really is a bit misleading from the Headlines, here is the remaining part of the New York area statistics that I left out above:10.

Built in 1950, it has a new roof, new heating and air, all new electric and other than that the rest of it looks original and beat up.

5% coc return seems really low.

Response rate is low so it’s a numbers game .

Accruing debt by a person who is irresponsible and has a low financial iq is like giving the town drunk a loaded pistol 

Also, there are companies that provide leasing documents for super low cost or Free with a 7 Day Trial.In all my leases I maintain a 90 day Owner Termination Clause, A clause regarding arbitration for disputes, A 30 Day Marketing clause of the property.