This is where I am basing my assumption because this area is like the "Beverly Hills" of Phoenix and is centrally located among commerce and entertainment.

Hard to say without all the figures, but just from seeing 10-15k profit on a project costing 360-515k, thats a pretty small margin that you can easily eat up with a 65k budget.

Additionally, since they paid too much for their property, they don't have the cash flow to cover the expenses and therefore expenses for many things come from their personal account and are "off budget".

How much is your budget?

By budgeting for the cost of repairs, you avoid overimproving the property relative to its surroundings (neighboring rental properties) & keep your project in line with prices (average rent levels) your buyers (tenants) are willing to pay.

If you have a warehouse and you turn it into a number of low budget recording studio (practice studios) the income produced can jump significantly.

She doesn't want to mess with it because it "drags her down".FMV is $190-200K very near major university and university med center.Student housing market is definately a consideration for comps.My offer:She's willing to entertain a year option to purchase for $2K cash because she's worring about coming up with the tax payment.

Even with a high repair budget I’ll still be at about 60% when I’m done.

Income & Expense 25Proforma Budget UnitsIncome:( average rent is $580)Gross Potential: $ 175,440Vacancy & Bad Debt: 7% (12,281) Monthly(actual 92% rented)Adjusted Gross: 163,159 $13,597Other, Misc.

Las Vegas is a wild beast for those people who enjoy the endless time of entertainment.