@Ronald Benson Yes, you have to make sure it is the first mtg foreclosing….not a second mtg or hoa, and check for back taxes, etc.

Both properties fall into Class B- category and has no HOA and no rental restrictions.Here are the details for each property:Property 1:3 Bed, 2 Bath (1020 sq ft)Purchase Price: $250,000Moderate rehab needed (Kitchen, floor, bathroom sink vanity, light & fan fixtures, interior paint)Rehab Cost: $30,000After Repair Value (ARV): $295,000Down Payment: 20% (Out of Pocket: $50,000 + $30,000 (rehab) = $80,000)Projected Rental Income Post-renovation: $2100/monthProperty 2:2 Bed, 2.5 Bath (1168 sq ft)Purchase Price: $230,000Moderate rehab needed (Kitchen, floor, bathroom sink vanity, light & fan fixtures, interior paint)Rehab Cost: $30,000After Repair Value (ARV): $295,000Down Payment: 20% (Out of Pocket: $46,000 + $30,000 (rehab) = $76,000)Projected Rental Income Post-renovation: $1900/monthThe location is moderate, with amenities like shops, restaurants, a mall, and a baseball stadium within a 5-mile radius.Considering buying both as they are in the same building, the total cost and income overview would be:Total Price for Both Properties: $478,000Down Payment & Closing: $96,000 + $10,000 = $106,000Total Renovations: $60,000Total Price (Including Renovations): $478,000 + $60,000 = $538,000Total Out of Pocket: $166,000Projected Gross Rent Monthly: $4000The rate of interest for the mortgage is 7.5%.I am currently evaluating: A) The break-even point for two townhomes considering a cash investment of close to 32%.

All facts, figures, and numbers must be verified such as verifying the HOA fees or the annual property taxes by looking at the city's website.The MLS offers a place for agents, buyers, and sellers to go so there is tremendous value there.

SF detached in Raleigh HOA, we've owned 15+ years with minimal HOA issues, the occasional "needs pressure washing." 

GillisIs this in an HOA or condo association?

In Atlanta, anything with an HOA is likely going to rip apart any cashflow/DSCR that you might have and make financing kind of tricky.

I had him quote for the exterior, but most of the exterior is the responsibility of the HOA which costs me $450/mo, so I want my money's worth. 

Brickell has almost no MF for sale atm and is almost entirely high rises with expensive and tightly controlled HOAs.  

I managed a budies house in a strict HOA and he was continuously being sent bills for fines from things like parking on street or leaving trash cans on the street after trash day.I personally will never buy an investment property where there is an HOA.

IE its a very bad idea to attempt rent by the room with close neighbors, or in a nicer HOA neighborhood where tenants are seen walking streets to the bus/mass transit.