There are a few problems with it... mainly that it is outdated - The home was built in 1930 and has no AC, windows are cracked and old, the light fixtures were barely there and the floors (hardwood and linoleum) were a mess.Now it's essential that I mention that this is an out of state purchase.

Deposits will he transferred to Buyer at closing.14.Personal Property:Included in the purchase price are all fixed equipment including stove, refrigerator, dishwasher, clothes washer and dryer, ceiling fans, drapery hardware, attached lighting fixtures, mailbox, fence, plants and shrubbery as now installed on the property.

With a light rehab, I believe the units could easily get 700/month.  

Install outlet for refrigerator.3.Replace all receptacle outlets and switches.4.Furnish/Install outlet for refrigerator.5.Furnish/Install GFI receptacle in exterior rear yard only.6.Furnish/Install six recess lights in kitchen, install 12 recess lights in basement.7.Install 20amp circuit for microwave.8.Furnish/Install customer’s chandelier.9.Furnish/Install three smoke/CO2 detectors one on each level.10.Furnish/Install GFI in basement bath and second floor bath 11.

Sure I have $495 but I'm swamped in my bills and if I pay that I won't have money the pay my lights, insurance, and my rent for this month. 

In addition to the sect.8 status, I have also determined that all the front and rear stair lighting has been on my electric bill all these years.

Can someone shed some light on this?

If any of the electrical fixtures are already missing - like a ceiling light or porch light - sometimes you can see if it has copper wiring (good) or aluminum wiring (bad). 

I recently just read Performance Anxiety and NP 2nd's really ring a bell with me.

Here are my thoughts through numbers:Initial loan program:$140,000 - Purchase Price$28,000 - Downpayment - 80% LTV$10,000 - (rehabs - probably light)$200,000 - ARV after rehab$88,000 - Equity (invested $38K, gained $50K)Second loan program:$200,000 - ARV$40,000 - Downpayment - 80% LTV$160,000 - Loan amount$48,000 - Remaining equity (check to me)I'm looking further into ARV and rehab costs which will impact this equation but you get the jist of what I was going for.