The inventory right now is kind of low so I would not be in a hurry.  

Sorry to be dense, but let me run it through one more time to be sure I understand.Purchase price + improvements $100kDepreciation 20kAdjusted basis 80kNet sale price 180kCapital gain 100kYou seem to be saying this in the post I quoted:Ordinary taxable income after deductions 30300 - tax 3618 Depreciation recapture 15% of 20k                      - tax 3000Capital gain at 0% 25k                                          - tax 0Capital gain at 15% 75k                                        - tax 11250Did I understand that correctly?

All improvements are in and plotted ready to build on.

We had heard from the previous home owner that they did a lot of improvements themselves.For some reason in the front room they added a layer of plywood 10’ into the room, covered it with rubber floor, and then carpeted.

The property is in what I would define as an A neighborhood, in general it should have very low vacancy and potential for continued improved rents, maybe even appreciation (although I wouldn’t count on it).

Just be patient because inventory is down right now.  

I am an investor and licensed Virginia Realtor living in Northern Virginia who enjoys transforming and improving communities by rehabbing run down and abandoned properties and making them available to families who would otherwise be unable to afford a home.

Usually, not always, when you purchase property, you are actually purchasing the land with the improvements to the land (i.e.

First, start with where you are: Clean up or improve your credit, work on saving. 

Improve it, get the better rents and force appreciate it.