Landlord will pay for a lot more than hot water (and water, I assume) and trash.

Your gross rent would be upwards of $2000 per month and your net income would be in excess of $1000 per month, perhaps somewhat more early on before maintenance catches up (initial investment assumes a good rehab.).You would have the cash to pay back the loan if you wanted to rather quickly or you could re invest in similar properties as you accumulated more capital.I am basing my expectations on the 2% 50% guide found on BP and have been exceeding these numbers at least in the short run.these properties are in C areas which I define as lower income working class areas.

Assuming price is ok should I go ahead with this property.

My new farm is a small town and assuming I'm not competing with a ton of other mail marketing, or that mine is better, I think hitting all addresses could really pay off.

I'm assuming you are not using a Realtor.

Lets assume 3000 in this case.

If you stick to your plan and are debt free at 38, you will have plenty of excess cash to pour into RE at that time assuming your employment situation remains stable.

I'm thinking your divorce attorney didn't earn much as what should have happened is that you give up the second home, have him assume the debt under court order and that you be removed from the title and the mortgage, while they usually don't, they can when specifically addressed.

I live 12 blocks away from the building and would manage it myself.So, wise people, assuming the future looks like today, what would be a steal of a deal for this property?

Assuming the market stays essentially flat for the next decade, I am thinking I will look at the mortgage and determine when the house will hit 25% equity, and agree to get the owner off the note around that time (25% EQ + 6-12 months cushion).