It is impossible to say whether or not it is a good deal without knowing the area better, but here is a quick-and-dirty:Annual Gross Rents => $360*8*12 = $34,560=> NOI ~ $17,280=> Cap Rate ~ 8.6%Double digit cap rates are common right now if you look for them....especially in class C areas which appears to be the case with this without knowing your area well.

As to the runaway appreciation of double digits, that's gone for years to come.

(pdf link) http://www.freddiemac.com/news/pdf/interventions_in_mortgage_default.pdf

I am looking to network and invest in the Hampton Roads (Chesapeake, Norfolk, Suffolk, Newport News, Hampton, & Virginia Beach) area.

You'll be SHOCKED at the number of windows you'll see open when the temperature outside is in the single digits!

Who could possibly fill 24hrs of news 7 days a week?

This is all GREAT NEWS and It is only going to get bigger & better in 2010!

:D This is very good news!

Every one of them is simply full of misinformation about HECMs [home equity conversion mortgage].FHA's HECM program was revamped in April 2015, so very little of what can be found on Bigger Pockets threads prior to that date about this loan is relevant today.Here's a good resource got reverse mortgage information. http://www.hecmworld.com/reverse-mortgage-news/heirs-dead-wrong-estate-planning-deduction

We'll see what they decide after the new year.Some good news to note, at least - this HOA's legal funds come from dues.