Overall they did a pretty ok job with the house including putting in very nice mid-grade kitchen cabinets but what struck me was that they cut corners on the counter top by going with a the stock/low end Big Box Formica counter that was noticeably seamed (with a gap) right down the center of the sink.They were asking top dollar for the house and upon seeing the counter it was an immediate turn off.

I started an LLC in mid 2010 for the purpose of investing in rehabs.

What about something in a Cleveland suburb with 25 units that rents for $600/mo per unit, built in the mid 90s, well maintaned, with free wi-fi, good (but uncovered) parking, in-unit laundry?

General info:- 30 some unit mfd in a somewhat major metro acquired in the mid 2000's- Around $2.5mm remaining balance of debt, 10yr ~5.5% balloon which comes due in a few years with a ~$2.2M balloon payment- Has performed around breakeven on a before tax cash flow basis overall, the last two years have been a little negative. - In decent physical condition, we renovated half the building after purchase- Near full occupancy- It was set up to cater to local college students (2 schools in walking distance that don't provide housing), pre-recession it was near full student tenants but it fell off a cliff and is now ~1/2 students.- We expect the student population to rebound in the coming years, the schools have launched plans that include large increases in enrollment.

We bought this 3/1 in northern California in mid 2008 for 126K thinking how much lower could it go?

What I have done in the past was rent a mid sized Uhaul truck.

If I am correct you will see a far larger volume of sales in the low teens rather than in the mid thirties.

The area would be considered mid to low working class but a few blocks away it looks like a class D neighborhood.

Confirming what Steve K mentioned, there are now less than 9,000 houses available on MLS (I believe it was just over 22,000 a year ago.)Prices have stabilized and REOs are now receiving multiple offers.Also, DOM is mid-90's.

I moved out in mid 2012 and have been renting it since; now I need to calculate depreciation since the conversion to rental.The original appraisal does not split between land and building value.