Good bones, nice victorian houses.

I'd also love to see all the numbers you used to analyze the rental once rehabbed.This is a perfect example of why I'm obsessed with networking with as many people as possible right now.

Not perfect and or without risk, however we have found ways to make things work.  

not sure if I'm understanding the point of this thread If the point is there's very few places to live where you can work a regular job and own a  house I would completely disagreeOff the top my head I could Name 30 towns in upstate New York where A couple could work blue-collar jobs and Easily afford a home and live in a perfectly safe happy friendly community 

Purchase price 147KListed for 299K, sold for 285 (went under contract for 290 but dropped it another 5K at buyer request after the appraisal just to get out of the deal)Home Depot credit card: 10K (appliances, fixtures and other things we picked out and purchased ourselves rather than having GC use typical builder grade stuff, also husband did some of the work himself so bought his own materials)Brought 40K of our own cash to the closing table, loan total when paid back was 185 (original loan 175 plus 10K in accrued interest, 12 month balloon loan so we did not have to make payments during the rehab, which helped a lot with cash flow, also loan had rehab costs folded in so for the most part we paid our guys out of the loan and not our own pockets)So (numbers are round): 285 sale price - 185 (loan payback) - 40 (cash we brought to closing) - 10 (Home Depot card) - 10 (closing costs) = 40K profitWork done: insulation and vinyl siding (this ate 18K of rehab budget but was unavoidable as cedar shakes were disintegrating), converted to natural gas heat (ducts already in place, changed out electric hot air blower to gas one and gas company ran the gas from the street for free), replaced AC compressor, new water heater, two new bathrooms, replacement windows, new appliances but left the wood cabinets b/c they were in perfect condition and I could not justify painting/replacing them, new kitchen backsplash, removed wall between kitchen and dining room, wood laminate flooring throughout except for new carpet in downstairs den, painted the deck/railings, new garage doors, one new slider, all solid wood interior panel doors, of course fresh paint and new light fixtures throughout.dining roomThere was moisture damage downstairs from bank not winterizing and pipes bursting...thanks, bank.Hauled out enormous old woodstove and broke up ugly old hearth and left good flue for someone to add new pellet or woodstove to if they want to, we figured not everyone wants a woodstove and this way the buyer can decide to add one back if desiredBathroom off downstairs den, chose a walk in shower for variety, hosing off dog or muddy children, disabled access, etc. 

Nick Eckemoff There's no perfect answer for you question.

I'm very young starting off in this business, so I thought that'd be an advantage but it seems like everyone wants a perfect credit history before even considering me.

Be prepared and do your due diligence and if the numbers are not real good then walk away and look for a better deal. perfect step by step, this is exactly what I needed to see.

Almost ALL the joists were perfectly fine, we ended up replacing 1 or 2.

@Karen Margrave   Thanks Karenthat plan is actually a Portlandia 4 square very popular here in PDX... the lot we bought had this great Oak tree in front so it was perfect fit for the home...