Due to the floods, the water heaters' pilot lights went out and I had to send a repairman over to relight.  

I keep space heaters, window air conditioners, and some fans ready along with an extra water heater.

Even if you put $50,000 down with 4.2% interest your mortgage, insurance, property taxes, trash removal, water, owner's electric meter, maintenance, etc. will exceed $4,000 per month and there won't be any booty to pay your partners for 20 to years until after you increase rents.The property could make decent money for someone who can put $150k to $200k down and for someone who has a lot of cash in the bank for rehabbing units when tenants move, for a new roof, plumbing, repairs, etc.

That said, please provide your input on any and all of the following assumptions:-Repairs & Maintenance: 10%-CAPEX: 5%-Vacancy: 5%-Property Management: 10%-Water/Electric/Gas/Garbage: $0 (Assuming you could pass on this expense to the tenants.

Include vacancy, capex, mtce, taxes, sewer and water, mortgage.

It was affected by Hurricane Ida, and the street was flooded with up to 8 ft of water. 

Nathan,     To your first point, I have two years of rent equivalency saved in reserves for this property; we replaced the roof two years ago, all appliances except the fridge are new or refurbished, the water heater has been replaced and the fence/gates mended from a tornado.

Happy to discuss which buildings allow STRs- there are a few AND you will (most likely) need at least 25% down - if daily rentals, DP goes up = more risk for the bank.I personally love Little Havana - in addition the reasons mentioned above, it is also one of the non flood zone areas in the county; centrally located with lots of history, culture and character.Trust this helps & happy investing!

We've come across some items that will require repairs such as: Wood rot, couple places but especially one of the outside window frames, needs to be repaired ASAPMold Removal in the Attic, seemed to have a significant amount in thereRadon mitigation, it was 4.4 which the action level is 4.0 Pci/LWe have one water heater not functional and another one that may need replacing soonRepointing some of the foundation, there are cracks along the edges, especially near the gutter systems so we would like to get that fixedIf anyone has any general advice/recommendations on any of the items or if there are contractors that are willing to give estimates, we greatly appreciate it!

If you are waiving, you need to determine the source of the water moisture causing the mold and the extent of the mold. sometimes, mold can grow in non-visible areas and can be worse than visual assessment.