I think that if I could get them to sell it at $160,000 and I could put in some updating of the features along with vinyl flooring in most of the house, that it would boost the overall appreciation and make it more attractive to more renters.

This will be my first purchase, currently in the approval process. I would like this property to pay for itself while providing me a home for my family. Ive thought about fourplex, live in 1 rent the others. Or a home...

It sounds as though the refinanced property will hold its own for the most part, so everything comes down to the deal in which you put those funds.Put that money into a solid cashflow producing asset and you're golden.Put it into something else and...well... don't.

Here is my deal analysis:PURCHASEPurchase Price$120,000.00Down Payment$24,000.0020.00%Closing Costs$3,240.00Mortgage$437.00INCOMEMonthly Rent$1,200.00EXPENSESProperty Tax$267.00Home Insurance$85.00Vacancy$50.004.17%Maintenance & Repairs$60.005.00%CapEx$96.008.00%Water & Sewer$80.00Gas$0.00Electricity$0.00Total Expenses$638.00DEAL ANALYSISNet Operating Income$562.00Monthly Cash Flow$125.00Cap Rate5.62%Cash on Cash Return5.51%So when I first looked at this deal, I saw there was long term tenants (so lower vacancy), the living spaces of the property were actually very nice for a MFH, and the price was attractive.

Listened to this podcast with Hunter Thompson and Reed Goosen on a plane ride recently and it touches a bit on what sort of person you need to become to attract amazing mentors.

Knoxville is getting pricey on SFRs and MFRs are nearly impossible to find without a ton of work, but the smaller satellite cities/towns are quite attractive.

I made the price attractive and the deal a little less negotiable by simply stating a “net to me price”. 

I want to invest in an income producing residential property. 

I plan to keep looking but have found some attractive deals that I want to move on.

I grew up in the NE area of town and am very familiar with this market it is attractive to both investors and traditional buyers.