I was told the property had a underground oil tank that was properly abandoned back in 2003.

Valspar oil-based floor & utility paint works great on beaten up hardwood floors and is under $20 a gallon and covers in one coat.

I'm creating a real estate investment company focused on multifamily properties (5-15 units) that pencil. I'll manage everything- the rehab and property manage- anything an asset manager would do with a "hands on" typ...

And Jay Hinrichs the main reason I would see in scoping a new sewer line like that is it is very common to get what they call a belly in a sewer line which is where the ground underneath sinks in one area causing essentially a low spot and can be very common due the so much change in the ground on a new construction and only wound take one rain or some ground water.

But if you're flipping here's some of the common general ledger accounts you will need.Revenue:Rental Income (in case your rent it before you flip)Sale Income (sales price when you sell it)Expenses:RET (Real Estate tax expense)Insurance ExpenseHOA Expense (if applicable)Interest Expense (if applicable)Depreciation expense (if carried over multiple years)Assets Fixed Asset - Building/home/condo (whatever you purchase), this should include all the costs associated with the purchaseFor your rehab, anything that essentially increase the value of the property should also be capitalized as a separate fixed asset (i.e. new stainless steel refrigerator, tile, new vanity etc) Inform your CPA as each will have different depreciable lives per MACRS, and this will be important if you carry for your flip over two different tax years.

Essentially what I'm trying to say, is you can't make the assertion that one asset performs better than another unless you're prepared for an apples to apples comparison.

And with oil and gas prices staying low, things won't get better anytime soon.

Essentially, debt for productive or appreciating assets isn't really debt.  

Essentially if the outside door does not close all the way, there is potential for pipes to freeze, or even if the door is closed on cold nights, there is potential freeze damage.  

ROI (I'm rusty on the preferred metrics) on rentals are great, but keep in mind that vetting tenants is essential because of the time it takes to evict if you choose wrong (IE, we can evict people in a few weeks, but the Sheriff is a minimum of three months in getting out there).