I'm in a very desirable area with the obvious red flags in my HOA dues, but it's a resort style community in a prime area so that's why it's so much - its also a very sound HOA financially.

Another note the appraiser for the second lender also flagged the property contingent on environmental inspection of septic tank.

The management style here is much different then my $1,095 and up rentals.Long story short on the blueprint of success for these homes can be summed up as:Buy right, I don't think Turnkey is the route here, it has to be bought cheap so that you do not have to achieve a market rent to cash flowMake it the nicest home in the area for $25 to $50 less a month then your competition.

The very 1st property I looked at in person was an 6 unit townhouse style row houses that I assumed was in great shape given the asking price.

What happened was, the previous owner let the septic tank overflow for months until the environmental health dept. shut the home down. 

Such a great inspiration - and in classic BP style.

My preferred style of dress is casual beach homeless - flip flops, cargo shorts, t-shirt.

I know your question is about an 80's property, but I have to say that for these types of renovations, I usually look at old re-runs of The 70's Show for style tips.

The same style and size townhome down the street just rented for $750 a month.

Consider Queen Anne, Victorians, the so-called Craftsman style - - these are premo properties when rehabbed appropriately.