This property sits below street level, so it requires a sewer-pump to get the waste up the hill - and that pump caused some problems and added expense.

@Sacha LaCoss you don't need to waste time/money on an attorney until the Tenant initiates legal action. 99% of the time, threats of legal action are just that: threats.

We are looking to do a fair amount of remodeling (eliminating weight bearing walls, complete new flooring, remodeling multiple bathrooms, repaint interior, etc.

But am I wasting my time trying to find a good deal close to downtown? 

@Kesru Tam - With the following caveats: 1) all Wall Street (WS) investments are measured each year, where as a RE investment is really only measured from purchase to sale.

Also research what other landlords are charging for background screening and include that cost in the property description.Those simple steps will reduce the number of inquiries by 1/3 to 1/4 and save you a lot of wasted of time.

I wouldn’t waste my time with ones that can’t even call you back

Jason took the time to show me all around Huntsville to see my reaction to certain types of properties and to see what my expectations were so he just did not put me on a list and expect me to sift through it knowing that it would waste me time. 

However, you do have 100% POHs so before you waste any more time on it, use this formula to test the value:20 x [monthly lot rent] + current rent on 3 buildings x 12 x .5 (to be conservative) = NOIDivide the NOI by the price he is asking.If the number you end up with is less than 10 then it's probably not going to work.

Based on my experience the more of it you try to hide within walls as opposed to just running outside in the open the more expensive it will be.