If it's a new construction freshly rehabbed it would sell for $225k-$300k depending on where its located but older houses that are newly rehabbed sell for $200k-$250k.From a buy and hold side I would never want to be higher that 65(maybe 70%) LTV and with this model I don't see why I would ever have to.

The estimated closing costs were higher than I expected at around $3000.

However, I can see getting slightly higher rent if your using otherwise unusable common space and saving premium livable space for living.

We certainly have some good companies represented here but don't assume that because anything here that might be advertised has any endorsement you need to do your due diligence on anything you do in RE.Turn key operations can be ripe with fraud or scams, there are those that have picked up very cheap properties, put lip stick on, put a partner type tenant in at higher than market rates to justify a much higher price to sell the package.

It comes very close to the 24% gross annual return (2% guideline) using the higher repair and lower rent figures.The 50% guideline you brought up is to make an owner aware that 50% of those gross rents you collect each month will flow back out in the form of various expenses (taxes, property management, repairs, replacements, legal, vacancy).

You probably don't want to change jobs for higher pay if you plan to finance since that may disqualify you from financing.

If over plaster and it has never been painted the cost is higher as you need to sheetrock or smooth coat the plaster.I just removed wallpaper over plaster in one apartment that had rough coat only and it was pricey but for most places I would sheetrock.

If it is a higher rent area where you need granite and new cabinets the tenants will probably expect gas.

While we hope to someday go for students to get the higher income they bring, we want to start by seeing if we can get a family in the upstairs unit of one 2-family - especially given the nicely renovated condition and unusual combination of central location linked to top suburban school district as a possible attractor.Being new to this, I've spent the past few days reading a lot of info on this site to get educated on the rental process - very helpful.

I would like to work towards finding an area to invest where I can buy home homes in that 50K and under range for buy and holds.Prefer a 100K or higher population as I do enjoy having some entertainment and activities.I have been googling and looking around quite a bit to get ideas.I know this is vague, but it is the beginning of a long search.