It sounds like you've found a good deal (especially if you get a lender that will lend you the rehab $'s too or do interest only).For my 5 SFR's the only expenses I have are taxes, insurance, property management (on some, usually 0% of rent), and I throw $50/month for Misc (this number average out over 3 years has proved quite accurate for SFR's under $100k).My personal minimum would be $100/month cash flow or I walk.

Mattresses are a tough spot, I ended up going to my local Sleepy's dealer, but you're right I had to negotiate to drop the price of my bed $350 dollars.Here's the Deal that occurred 4 years ago:Product: Queen Sleep Series 400 with split-box frameMSRP: ~$1800Negotiate $350 off, 2 free 1 <3 My Pillow pillows, pack of sheets.

You are in a tough place.

I'd have to spend some time digging it up and because I'm not trying to convince anyone to stay out of any particular market (because it doesn't affect me one way or the other where people invest), I don't care to invest the time to prove a point.

I'm sure thats probably not legal but I'd bet it would be a huge legal mess to have to correct and some really tough sleepness nights waiting for things to get cleared up.Get the title insurance and get your sleep.

.$5,000 is sitting here on my desk waiting for whoever can come in and prove these FACTS wrong.For clients the proper on site due diligence reviewing the above is all that is needed.

I agree with @Wayne Brooks however I wouldn't even go that far unless they could prove to me they're executor to the estate.

If your current guy is the typical "telephone tough guy", he won't want to be there with a scary thug.

It's always a tough situation having tenants do all the maintenance and up keep.

Your numbers, if I have them all right and your rehab budget proves accurate are ~12k current cost, plus ~40k rehab for a cost basis of ~52k.